TaxTMI 
TaxTMI 
2010 (8) TMI 960
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....eration in this intra court appeal is whether it involves any substantial question of law within the meaning of section 260A ibid? 4. Having heard the learned counsel for the appellant and on perusal of record of the case, we are inclined to dismiss the appeal in limine as in our opinion the appeal does not involve any substantial question of law as is required to be made out within the meaning of section 260A ibid. 5. The issue relates to grant of certain deletion amounting to Rs. 17,01,652 which were made by the Assessing Officer in the course of assessment proceedings initiated against the assessee under the Act. The Assessing Officer did not accept the explanation offered by assessee and treating the transaction of shares to be bogus ....
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.... and accepting the explanation of assessee :- "3. We have heard the rival contentions and perused the facts of the case. We concur with the views of the ld. CIT(A) that the contract note of broker indicating the numbers of shares purchased and its rate and date of purchase as well as date of sale and sale consideration. Relevant copies of the bills. Letter issued by the broker and the company confirming the transfer of shares in the name of the assessee, D-Mat opening account copy and confirmation by D-Mat account opening agency M/s. Karvy Consultants Ltd. were also filed by the assessee. Copy of the PAN of Rajeev Kumar the broker was filed which prove identity of the broker through whom the share where purchase and to whom share where al....
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....that the share broker was not genuine or payments made by account payee cheque/Draft where not genuine. Assessing Officer also failed to make any enquiry either from broker or from the company. When the shares where sold in off market trade the possibility of any record in Stock Exchange was ruled out. The Assessing Officer could have made enquiry from Stock Holding Corporation to find out the name of real buyer of the share. Under the facts and circumstances of the case the observation of the Assessing Officer that the transaction was sham cannot be upheld. Once the genuineness of the transaction is proved then question does not arise for making any addition under section 68 of Income-tax Act. In such circumstances and facts of the case, w....
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.... the meaning of section 260A ibid in an appeal arising out of such order. 10. In our opinion, therefore, once the CIT (Appeals) and Tribunal accepted the explanation of assessee and accordingly, deleted certain additions made by Assessing Officer holding the transaction of shares to be genuine, then it would not involve any substantial issue of law as such. In other words, this Court in its appellate jurisdiction under section 260A ibid, would not again de novo hold yet another factual inquiry with a view to find out as to whether explanation offered by assessee and which found acceptance to the CIT (Appeals) and Tribunal is good or bad, or whether it was rightly accepted, or not. It is only when the factual finding recorded had been entir....