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of <h1>Assessee's Appeals Allowed, Revenue's Dismissed: Income from Share Sale as Capital Gain</h1> <h3>The ACIT, Circle 3, Hyderabad Versus Shri Venugopala Mundada And Vice-Versa</h3> The Tribunal allowed the assessee's appeals and dismissed Revenue appeals, directing the assessment of income from the sale of shares as long term capital ... - Issues involved: Cross appeals against common order by CIT(A) for assessment years 2002-03 to 2005-06.Assessee's Appeals - Unexplained Credits:The assessee's grievance was the non-consideration of sources to explain unexplained credits for the mentioned assessment years. The assessing officer found cash introductions during the assessment years, linked to share transactions. CIT(A) determined the transactions as not genuine, directing the income assessed under 'income from other sources'. The direction was to consider income assessed in family members' hands as a source to explain the credits, along with additional income declared by the assessee in previous years. The Tribunal allowed the appeal, considering income declared by family members and additional income as available sources to explain the unexplained credits, subject to verification by the assessing officer.Assessee's Appeals - Long Term Capital Gain:The issue involved the treatment of long term capital gain on the sale of shares in 2004-05 as income from short term capital gain. The Tribunal referred to a previous case where it was held that the transactions were genuine and not bogus. The assessing officer's doubts were based on non-chronological numbering of bills, but no concrete evidence of illegitimacy was found. The Tribunal concluded that the transactions were genuine, rejecting the department's claims of bogus transactions. Consequently, the income earned on the sale of shares was assessed as long term capital gain, in favor of the assessee.Conclusion:The Tribunal allowed the assessee's appeals and dismissed Revenue appeals, directing the assessment of income from the sale of shares as long term capital gain. The order was pronounced on 30.9.2010.
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