TaxTMI 
TaxTMI 
2010 (9) TMI 81
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....enue. Although the impugned order of the Income-tax Appellate Tribunal relates to 70 assessees, the Revenue has filed appeals under section 260A of the Income-tax Act, 1961 only in respect of 43 asses- sees. In respect of the remaining 27 assessees, no appeals have been filed. To a query raised by the court regarding the above discrepancy, learned counsel for the Revenue stated that out of 27 assessees, in the case of 8 assessees, appeals have not been filed in view of the small tax effect and in the remaining 19 cases, the appeals have not been filed because the con- cerned Commissioner of Income-tax was of the opinion that no substantial question of law arises out of the common order of the Tribunal dated July 24, 2009. 3. In re....
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.... respondent-assessee had pur- chased 30,000 shares of M/s. Authentic Investments and Finance Ltd. on April 8, 1999, at the rate of Rs. 0.98 per share. These shares were claimed to have been sold on July 7, 2000, July 14, 2000 and July 21, 2000, at an average value of Rs. 33.81 per share. In the assessment year in question, the assessee offered to tax the capital gains arising from the sale of the above shares, amounting to Rs. 9,84,909 as a long-term capital gain. The same were accepted. 6. Subsequently, on January 20, 2005, there was a search action in the case of various assessees belonging to a group known as Haldiram group. It appears that on March 30, 2005, the group offered additional income of Rs.2 crores, out of which Rs. ....
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....d in the remaining cases. It is pertinent to note that the Revenue has accepted the decision of the Tribunal in the case of Kamal Kumar Agrawal (individual), which is the lead matter. 10. The sole contention raised by the Revenue in these appeals is that the entire long-term capital gains claimed by the assessee represent undis- closed income of the assessee because : (a) most of the sales of the shares effected by the group are of the same companies and through the same brokers located at Calcutta, (b) Pradeep Kumar Daga, the principal broker has confirmed that the transactions with the Haldiram group are sham and explained the modus operandi as follows : "Party A wants to claim LTCG and approaches me through ....
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.... 11. We see no merit in the above contentions. The fact that the assessees in the group have purchased and sold shares of similar companies through the same broker cannot be a ground to hold that the transactions are sham and bogus, especially when documentary evidence was produced to estab- lish the genuineness of the claim. 12. From the documents produced before us, which were also in the possession of the Assessing Officer, it is seen that the shares in question were in fact purchased by the assessees on the respective dates and the company has confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares to the respective buyers is also established by producing documentary evidence. It ....