2014 (5) TMI 157

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....jay Awasthi, learned Standing Counsel appearing on behalf of the appellant and Sri Ashish Bansal appearing on behalf of the respondent. The following substantial question of law has been raised in the present appeal :- "Whether, on the facts and in the circumstances of the case, the Hon'ble Income Tax Appellate Tribunal was legally justified in upholding the order of the Ld. Commissioner....

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....Authority has disallowed the assessee's claim of share loss to the tune of Rs. 8,60,231/- on the ground that the transaction was suspicious and not genuine. Against the order of the Assessing Officer, the assessee filed an appeal before CIT (Appeals) which has been partly allowed and deleted the addition of Rs. 8,60,231/-. Being aggrieved with the order of the CIT (Appeals), the revenue fil....

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....ates at which the assessee sold the shares were the lowest on that particular day, save and except, the A.O. has not been able to find any reasons in doubting the shares transactions entered into by the assessee. On the other hand, the assessee has produced the copies of the bills of purchase and sale of shares, copies of accounts. Further, it is also not in dispute that the said share brokers thr....