2015 (2) TMI 1127

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....unquoted sold by the assessee after detailed working which has been totally ignored. 2. Whether in the facts and circumstances of the cases, the Ld. Commissioner of Income Tax(Appeals) was justified in law in deleting the addition despite the fact that the Hon'ble ITAT had categorically observed that earning of exempt income of Rs. 6.30 crores indicated that assessee was well versed with the investments and business activities who would not venture in a transaction for booking loss to this magnitude despite which the CIT(Appeals) has ignored AOs reasoning for addition that there was no logic behind selling shares just for Rs. 18,75,000/- which were purchased for Rs. 1,12,50,000/-. 3. Whether Ld. CIT(Appeals) was justified in accepting the....

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....s at Rs. 533/- per share whereas on 31.03.2001 the book value was at Rs. 665/- per share. The AO also observed that those shares were sold at such a huge loss within such a short period to the Managing Director of the company and he formed an opinion that it was a collusive transaction. He, therefore, for the purpose of calculation of capital loss worked out the sale on the basis of book value on the date of sale i.e. Rs. 665/- per share and accordingly worked out the Long Term Capital Loss at Rs. 23,45,051/- and disallowed a sum of Rs. 81,00,000/-. 4. Being aggrieved the assessee carried the matter to the ld. CIT(A) who allowed relief to the assessee, against the said order, the assessee preferred an appeal to the ITAT in ITA No. 4370/Del....

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....e record. In the present case, it is noticed that the ITAT in the first inning restored the issue back to the file of the ld. CIT(A) by passing a common order dated 16.12.2010 in assessee's case in ITA No. 4370/Del/2007 and in the case of his brother Sh. Ashish Gupta in ITA No. 4371/Del/2007. The ld. CIT(A) decided the case on the basis of directions given by the ITAT in the aforesaid order. Thereafter the department preferred appeals against the orders of the ld. CIT(A) and the appeal in ITA No. 225/Del/2012 in the case of Sh. Ashish Gupta, the brother of the assessee has been adjudicated vide order dated 09.08.2012 by observing in para 8 of the said order as under: "8. We have heard the rival submissions of both the parties and have gone....