2007 (10) TMI 633

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....1. The Revenue is aggrieved by an order dated 9-6-2006 passed by the Income-tax Appellate Tribunal ('the Tribunal') in ITA No. 409/Delhi/2003 relevant for the assessment year 1998-99. 2. In its return for the assessment year in question, the Assessee had declared a short-term capital gain of Rs. 14,10,871 on sale of agricultural land and which had been adjusted against a short-term capital loss....

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....n able to produce the broker to verify either his identity or the genuineness of the transaction. Accordingly, the claim of the Assessee was rejected. 4. The Assessee preferred an appeal before Commissioner of Income-tax (Appeals) ['CIT(A)']. Before the CIT(A), the Assessee produced documents to show the genuineness of the transaction. The CIT(A) permitted the Assessee to adduce the said additi....

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....e Assessing Officer but he did not go into this aspect of the matter. In any case, all the particulars of the broker were with the Assessing Officer, he could have summoned the broker to verify the genuineness of the transaction. However, he did not do so. 7. The response elicited by the Assessing Officer from the NSE to the effect that no transactions involving the broker on the floor had take....