2011 (11) TMI 434

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....ant.   Ms. Radhika Suri, Advocate, for the respondent.   HEMANT GUPTA, J.   The revenue is in appeal under Section 260A of the Income Tax Act, 1961 (for short `the Act'), raising the following substantial questions of law:-   (i) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in upholding the order of CIT(A) dated 30.9.2008, the....

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....ain on sale/purchase of the shares of M/s Master Trust Ltd. and claimed the same as exempt under Section 54F of the Act. The Assessing Officer held that the purchase of shares of M/s Master Trust Limited, was bogus and manipulated and therefore, the subsequent sale was also bogus. It was thus, held that the assessee introduced his unaccounted income under the garb of long term capital gain and cla....

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....l Futuristic Limited and invested in the purchase of shares of M/s Master Trust Limited. Such finding was recorded by the Commissioner in Appeal on the basis of evidence produced by the assessee disclosing Permanent Account Number (PAN) of M/s Deepak Shares and Stock Brokers Ltd. The Commissioner of Income Tax (Appeal) returned a finding that it was a genuine transaction of purchase of shares thro....