2015 (1) TMI 745

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.... Court) 1. The Revenue is in appeal claiming to be aggrieved by an order dated 9.1.2014 of the Income Tax Appellate Tribunal (hereinafter referred to as 'ITAT') in ITA No.1732/Del./2005. The Revenue's grievance is that the sum of Rs. 57,65,419/-, which the assessee-respondent claimed as capital gains along with original acquisition of Rs. 4,86,750/- aggregating to Rs. 61,25,169/- was erroneously ....

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....ted. The High Court, therefore, remitted the matter to the ITAT for reconsideration. 3. In the impugned order the ITAT took into account the materials made available to the assessing authorities during the course of the proceedings which indicated that shares of four companies i.e. M/s Nivedan Fin. Investment Lease Ltd.; Supreme Agro Product Ltd.; Everest Marketing Ltd. and Rashel Agro Tech. were....

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....s urged by the revenue that the ITAT fell into error in not considering that the brokers who were said to have transacted on behalf of the assessee was not in fact examined and that the quotations available in the Guwahati Stock Exchange were not also produced before the assessing officer. We are of the opinion that in line with the judgment of the Hon'ble Supreme Court in CIT V. Lovely Exports (P....