2013 (10) TMI 110

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....ncome Tax Appeal No. 2232/Del/2009, relating to the Assessment Year 2005-06. 3. The department-appellant has reframed the following substantial questions of law, for consideration:- "1. Whether the ITAT erred in law in upholding the order of the CIT Appeals without taking cognizance of Rule 46-A of the IT Act and the conditions provided therein, specially when the order of the CIT (A) was based on additional evidence? 2. Whether the ITAT has erred in law in ignoring the provisions of 68 of the IT Act wherein the three conditions prescribed were not fulfilled in the present case?" 4. The AO did not accept the receipt of Rs.10,62,000/- on the sale of shares of Tech DNA Solution Ltd., cost of which was shown at Rs.72,472.50 and add....

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....le proceeds received are reflected in bank pass book. Furthermore, the cutting from newspaper showing market rate of share was furnished supporting the sale rate of the shares. The transactions have been entered into by the appellant through the broker and in such transactions the seller and the buyer do not come in contact with each other. The bills and the contract notes of the broker are already on record of the A.O. Thus I agree that the appellant has done whatever was within his means and control to prove the genuineness of the transaction." 5. The department filed ITA No. 2232 (Del) of 2009 for the assessment year 2005-06. The ITAT has dealt with the grounds taken by the department, which are as follows:- "2. The grievance....