2010 (11) TMI 799

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d by Revenue against order of Income-tax Appellate Tribunal, Jaipur (for short, Tribunal') dt. 28th Nov., 2008 which dismissed its appeal preferred against order of Commissioner of Income-tax (Appeals) [for short, 'CIT(A)] dt. 10th Jan., 2008. CIT(A), in his order, directed AO to treat sale consideration of shares at Rs. 21,87,800 as long-term capital gain instead of treating it as income from oth....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... income from other sources.   2. Shri R.B. Mathur, learned counsel for Revenue, argued that it was a case of artificial jacking up of price of shares and broker M/s Ahilya Commercial (P) Ltd., Kolkata through whom shares were purchased, had suffered a bar from SEBI at the time of transaction. CIT(A) and Tribunal both erred in law in deleting additions made by AO under head of income from o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....consideration thereof on appreciated value is essentially a question of fact. CIT(A) and Tribunal have both given reasons in support of their findings and have found that at the time of transactions, the broker in question was not banned by SEBI at the time of transaction and that assessee had produced copies of purchase bills, contract number share certificate, application for transfer of share c....