2010 (9) TMI 212

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....a Singh, Rajes Kumar,JJ. 1. These are fourteen defective Income Tax Appeals. The respondents in these appeals are family members. A search was conducted at the residence on 1.9.2005. In pursuance of this, notices were issued to them. In respect of long term capital gains and sale of shares for different assessment years. The number of the appeals, name of parties and the assessment year is ment....

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....bsp; 2005-06 13   ITA-113(D)/09   CIT Vs. Smt. Nirmal Arora 2002-03 14 ITA-124(D)/09   CIT Vs. Varsha Arora   2004-05   2. The controversy before the income tax authorities was regarding the purchase and sale of shares of different companies. The sale has been done in different years that is why the appeals relate to different assessment years. Howeve....

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....nbsp;  7. The sole point before the income tax authorities was whether the purchase and sale transaction of the shares was bogus transaction or not. The Assessing Officer held then to be bogus transaction on the statement of Sri RN Agrawal. However, the CIT (Appeals) and the Tribunal reversed the findings. They did not choose to rely on the statement of RN Agrawal on the ground that he was....