TaxTMI 
TaxTMI 
2013 (2) TMI 98
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....inafter referred to as the Act) from the order of Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow (hereinafter referred to as the Tribunal) dated 22.05.2009, passed in Income Tax Appeal No. 208/Luc/09 by which the appeal filed by the Revenue has been dismissed and the order of Commissioner Income -tax (Appeals)-I, Kanpur, allowing the appeal of the assessee, has been upheld. The appellant has proposed the following substantial question of law, said to be involved in the appeal:- "1. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was justified in law in directing the A.O. to treat the entire sale proceed as long term capital gains without appreciating that the ingredients of purchaser and seller ....
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....t that it has taken cash and deposited the same in the account of various members of his family and after transferring the cash in it's accounts, the cheques were issued to the assessee, HUF as well as to other persons and the commission @ 0.25% was taken, in the instant also sale of shares of said company was made on such abnormal price of 30 times of its face value within 13 months, therefore transaction in the instant case also could not be regarded as genuine sale and purchase of shares?" 3. The facts giving rise to the present appeal are as follows: The appeal relates to the assessment year 2004-05. Shri Sudeep Goenka (the assessee) filed Income Tax Return on 31.10.2004, in individual capacity, showing his total income of Rs. 41,....
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.... Income Tax (Appeals)-I, Kanpur who by his order dated 19.01.2009 held that the assessee had filed purchase bills of the shares, letter of transfer dated 20.04.2002, sale bills, accounts of Modern Holding Pvt. Ltd., account of Vikas Holding Pvt. Ltd., purchase and sale chart and copy of quotation of various letters from Stock Exchange showing the rate of shares of M/s Supreme Agro Product Ltd. at the relevant times, letters dated 16.10.2006, 28.11.2006, 19.12.2006 and 22.12.2006 from Vikas Holding Pvt. Ltd., the broker, confirming the sale of the shares and on an independent inquiry ICICI Bank informed that payment of the sale price of the shares was made through bank draft. From the documentary evidence produced by the assessee it was prov....
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....purchase and sale of shares of M/s Supreme Agro Product Ltd. the Tribunal has disbelieved that transactions of the sale of the share, in the present case also sale of the shares of same company was involved and the Tribunal has not followed it's own judgment of the case of Dr. G.S. Singhania. The orders of the CIT (A) and the Tribunal are illegal and liable to be set aside. 6. In reply to the aforesaid arguments, the counsel for the respondent submitted that the cases has to be decided on the basis of evidence adduced in it. In case, for some reasons, Dr. G.S. Singhania could not prove bonafide of sale transactions in his case, then judgment of that case has no relevancy in this case, where the assessee has proved sale transactions by fi....