2011 (1) TMI 1356

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.... R PER R.S. SYAL, AM : This appeal by the Revenue arises out of the order passed by the CIT(A) on 09-02-2009 in relation to the asstt. year 2005-06. 2. The only grievance raised by the Revenue is against the direction of CIT(A) for treating gain on sale of shares amounting to ₹ 14,75,185/- as short-term capital gain as against income from other sources treated by the AO. 3. Briefly sta....

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....xchange. The AO issued summons u/s.131 to Bolton Properties Ltd. whose shares were claimed to have been purchased by the assessee. The company, in its reply, admitted that the assessee lodged 3800 shares for transfer in his favour which were in fact transferred on 15-05-2003. These shares dematerialized on 04-11-2004. Even the name of the previous owner from whom the assessee purchased the shares....

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....ent query, the ld. A.R. admitted that no cross appeal was filed by the assessee. 5. Having heard both the sides and perused the relevant material on record, it is seen that the party from whom the assessee purchased the shares was brought to the notice of the AO with complete address. No query was made by the AO about the genuineness of the purchase transaction. M/s Bolton Properties Ltd., whose ....