Case Law Details
CIT Vs Atma Ram Tulsyan and Others (Allahabad High Court) – AO was of the view that the possibility of appreciation in the price of shares of lesser known companies in such short period appears to be remote. On this premise, the benefit of capital gains was denied. Evidently, in the absence of any contrary material, it is but obvious that the assessment order was framed on presumptions and assumptions. The other aspect of the case is that at no stage, except doubting the sale transactions, the Department doubted the documents which were produced by the assessee to substantiate his claim with regard to capital gains. This being so, the Tribunal on appreciation of evidence has rightly found that the transactions in question are genuine transactions. It is a finding of fact based on appraisal of evidence. We do not find that any substantial question of law is involved in the appeal. The appeal has no merit.
HIGH COURT OF JUDICATURE AT ALLAHABAD
Chief Justice’s Court
1. Case :- INCOME TAX APPEAL DEFECTIVE No. 232 of 2009
Petitioner :- Commissioner Of Income Tax
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