Revenue appeal dismissed as assessee proves share transaction chain through proper documentation under Section 260A

The Calcutta HC dismissed the revenue's appeal under Section 260A of the Income Tax Act, 1961, upholding the tribunal's deletion of Rs. 34,81,165 addition treated as income from other sources. Despite the revenue's argument that the assessee's name was absent from stock exchange records, the tribunal found the assessee had adequately proved the transaction chain through contract notes, DEMAT account details, and bank records. The HC ruled no substantial question of law arose warranting interference and summarily dismissed the appeal without costs.

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The Calcutta High Court, in an appeal under Section 260A of the Income Tax Act, 1961, upheld the Income Tax Appellate Tribunal's order deleting an addition of Rs. 34,81,165 treated as income from other sources. The revenue challenged the deletion, arguing that the assessee's name did not appear in Calcutta Stock Exchange records for the transactions. However, the tribunal found that the assessee had "proved, accounted for, documented and supported by evidence" the chain of transactions, producing contract notes, DEMAT account details, and bank payment records. The Court held that the appeal did not raise any substantial question of law warranting interference under Section 260A and thus "summarily dismissed" the appeal, making no order as to costs.

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