TaxTMI 
TaxTMI 
2014 (10) TMI 250
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....ckground in the bare minimum is that the respondentassessee is engaged in the business of investment in real estate and market securities. For the assessment year 2006-07, in question, it disclosed its income from gains of investment in shares besides from trading in shares and from other sources. The Assessing Officer, i.e., the Income-tax Officer (OSD), Range-1, Kota, completed the assessment under order 143(3) of the Act, vide his order dated September 25, 2008. As the said order would reveal, in response to the notice issued under section 143(2) of the Act, the representative of the respondent-assessee duly appeared before the said authority and produced the requisite information/details with supporting vouchers of expenditure, as discl....
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....an opportunity of hearing. While arriving at this conclusion, the learned Commissioner of Income-tax, however, held that the sale transactions pertaining to 3,39,496 Zyden Gentec equity shares and effected on April 20, 2005, April 28, 2005, May 6, 2005, May 12, 2005, and September 8, 2005, could not be construed to be disputed as those were supported by documentary evidence and that the Assessing Officer was justified in taking a view that those shares of Overseas Capital Ltd., as appearing in sale bill, and those of Zyden Gentec Ltd. were the same. It was, however, of the view that the Assessing Officer, having drawn that conclusion, ought to have, before accepting the said transaction as long-term capital gain, examined whether the respon....
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....documents produced on behalf of the respondent-assessee, the learned Commissioner of Income-tax observed that the same had not been filed during course of the assessment proceedings and thus, were not verified and commented upon by the Assessing Officer. It held the view that proper verification thereof was necessary by the Assessing Officer to ensure that 1,43,000 shares of Overseas Capital Ltd., which were received and delivered in physical form to the director of the respondent-assessee, were transferred to its demat account, so as to ensure that these were held by it (respondent-assessee) in physical form for a period of more than one year to entitle it to the benefit of exemption under section 10(38) of the Act. With regard to the amou....
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....e the learned Commissioner of Income-tax, the learned Tribunal recorded that he (Commissioner) had not formed any opinion that these shares had not been held by the respondent-assessee for more than one year. The learned Tribunal expressed the view that in the face of the materials before him, the learned Commissioner of Income-tax could not have formed any opinion that the assessment order was erroneous. It recalled the findings of the Assessing Officer, as adverted to hereinabove and concluded that the learned Commissioner of Income-tax not having come to the conclusion that the assessment order was erroneous and no reasons having been recorded to demonstrate that the same was prejudicial to the interests of the Revenue, he was not justif....
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....ing Officer had consciously examined all relevant records in accepting the return submitted by the respondentassessee. Noticeably, the learned Commissioner of Income-tax, in spite of his incisive analysis of the factual details, did not find fault with any of the findings of the Assessing Officer, culminating in the ultimate conclusion that the return of the respondent-assessee was acceptable as a whole. The text of the decision of the learned Commissioner of Income-tax authenticates that the respondent-assessee had furnished to him all relevant records and documents in support of its return accepted by the Assessing Officer. The learned Commissioner of Income-tax did neither reject the said documents/records to be irrelevant, nor lacking i....