ITAT allows appeals for multiple years, deeming share sale transactions genuine, deleting Assessing Officer's additions.

The ITAT allowed all three appeals for Assessment Years 2007-08, 2008-09, and 2009-10. The transactions involving the sale of shares were found to be genuine, leading to the deletion of the additions made by the Assessing Officer.

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Issues involved:
Appeals against the order of Commissioner of Income Tax(Appeals) -26, Mumbai for Assessment Years 2007-08, 2008-09, and 2009-10 regarding the treatment of long term capital gains from the sale of shares as income from unexplained sources.

Analysis:

Assessment Year 2007-08:
The assessee sold shares of a company through a broker, and the Assessing Officer treated the long term capital gain as income from unexplained sources due to the cancellation of the broker's registration. The assessee provided evidence of holding the shares in her Demat account and receiving the sale consideration through banking channels. The ITAT found that the shares were held by the assessee since at least 2004, and the transaction was genuine. The appeal was allowed, and the addition was deleted.

Assessment Years 2008-09 and 2009-10:
The facts in these years were similar to 2007-08, with the assessee selling shares of the same company. The Assessing Officer rejected the capital gain on the sale of shares. The ITAT noted that the transactions and reasons for rejecting the capital gain were identical across all three years. Therefore, the appeal for these years was allowed based on the findings for 2007-08.

In conclusion, the ITAT allowed all three appeals for Assessment Years 2007-08, 2008-09, and 2009-10, as the transactions were deemed genuine, and the additions made by the Assessing Officer were deleted.

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