TaxTMI 
TaxTMI 
2011 (5) TMI 820
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....bsp; JUDGEMENT The above appeal has been filed against the order dated 24th December, 2008 passed by the Income Tax Appellate Tribunal, Allahabad Bench, Allahabad (the Tribunal) in Income Tax Appeal No. 495/ALL/2007. The Tribunal by a common order has disposed of ten appeals. All these appeals were heard together and are being disposed of by a common order. The Income Tax Ap....
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....lding statement, instruction to depository participant and copy of bank account in support of genuineness of transactions with regard to the capital gains. These documents were not disputed by the assessing officer. The Department did not accept the transactions as genuine transactions because the assessee failed to furnish the identity of the alleged purchaser of shares. The Tribunal has found th....
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....fore the CIT (A) confirmed the transactions with the assessee. We have considered the respective submissions of the counsel for the parties and also gone through all the three orders. We find that as a matter of fact, the shares were acquired by the assessee in the preceding years 2002-03 and 2003-04. The Department did not dispute the purchase of these shares in the aforesaid ....
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....short period appears to be remote. On this premise, the benefit of capital gains was denied. Evidently, in the absence of any contrary material, it is but obvious that the assessment order was framed on presumptions and assumptions. The other aspect of the case is that at no stage, except doubting the sale transactions, the Department doubted the documents which were produced by the assessee to su....