2010 (10) TMI 77

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....260A of Income Tax Act, 1961 (for brevity, "Act") challenging the order dated 25th September, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 1493/Del/2008, for the Assessment Year 2001-2002. 2. Mr. Sanjeev Sabharwal, learned counsel for the revenue submitted that the Tribunal had erred in law in deleting the addition of Rs. 30,47,601/- made by the Assessing Of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the assessee in the name of MKM Finsec P. Ltd. and that amount represented the income shown by the assessee on account sale of shares which was received during the year under consideration. The said income was shown by the assessee in earlier year. The assessee had not been granted any opportunity to cross examine or rebuttal of evidence collected by Investigation Wing. Considering all these facts....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....id amount was not assessed as income (capital gain) in immediate preceding year. If the amount represents the sale proceeds of shares in respect of which income has already been assessed by the revenue in preceding year then the said amount cannotbe assessed in the year under consideration simply on the ground that it was received in the year under consideration. Therefore, we find no infirmity in....