2013 (3) TMI 659

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....taiah, A.M. This is an appeal by the Revenue directed against the orders of the CIT (A)-25, Mumbai dated 24.11.2009. The Revenue has raised the following two grounds: "1. On the facts and in the circumstances of the case, the learned CIT (A) is erred in deleting addition of Rs. 26,73,536 made by AO as income from other sources in respect of Long Term Capital Gain shown by assessee as sale of sha....

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.... processed under section 143(1) was selected for scrutiny under section 143(2). The assessment was finally completed u/s 147 r.w.s 143(3) by determining the total income at Rs. 32,73,050. AO treated the sale proceeds of Rs. 26,73,536 as income from other Sources on the reason that the purchase and sale of shares and consequent gains as sale of shares of M/s Talent Infoway Ltd are bogus in nature. ....

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.... the addition. In the order of the ITAT in ITA No.5302/Mum/2008 for assessment year 2005-06 in assessee's husband's case is as under: "11. Having heard both the parties and having considered their rival contentions, we find that the AO has treated the said transactions as bogus transactions on the ground that; a) The sale transactions were not on the floor of the ASEL but were off market transac....

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....ary evidence before the AO but the AO has failed to consider the same. The CIT[A] in his order has considered the said evidence and has come to the conclusion that the share transactions are genuine. However, as held by the Tribunal in the case of Rajinidevi A. Chowdhary [cited supra], which is on similar set of facts, the AO could have verified from the Registrar of companies as to whether the sh....