Case Law Details
It is seen that it is undisputed and uncontroverted that (a) the shares have been purchased against the payment (again supported by the contract notes); (b) such shares have been found to be credited into the DEMAT account of the assessee; (c) on sale of such shares there were debited from the DEMAT account of the assessee; (d) the assessee has received payment against the sale of such shares through banking channel and (e) the transaction of sale on the floor of BSE is found to be genuine and confirmed by the BSE. I fail to understand that when the shares were found to be credited and debited in the DEMAT account and sale of shares were found to be genuine, then what is the basis to contend that purchases of the said shares were not made by the appellant. Therefore, two observations of the assessing officer for making an addition under section 68 of the Income Tax Act, 1961 are not found unquestionable.
Full Text of the ITAT Order is as follows:-
These two appeals preferred by the department are directed against two separate orders of the Commissioner (Appeals)-XIV, Ahmedabad, dated 20-3-2013 and 22-3-2013 for the assessment year (AY) 2009-10, in the case of two different assessees.
2. First we take up the Revenue’s appeal in ITA No. 1440/Ahd/2013 for the assessment year 2009-10. The assessee has taken following grounds of appeal :–
(i) The learned Commissioner (Appeals) has erred in law and on facts in deleting the addition of Rs. 69,28,919 made under section 68 treating the STCG declared by the assessee as being unexplained cash credits.
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