2016 (5) TMI 618

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....arned assessing officer has erred in estimating short term gain of Rs. 852500. 3. The learned assessing officer has erred in making his own estimates and presumptions relating to the date of sale and purchase of shares. 4. The learned assessing officer has erred in making his own assumptions regarding the value for purchase and sale of shares. 5. The learned assessing officer has erred in relying on outside documents without giving opportunity to the appellant to examine the same. 6. The learned assessing officer has erred in not providing proper opportunity to the appellant. 7. The learned CIT(A) has erred in upholding the order of the Assessing Officer. 8. The appellant crave leave, to....

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....These shares were purchased by our client in his wife's name in the year 1995. A copy of physical holding of shares is enclosed herewith as Annexure II. Our client is regularly filling his personal balance sheet with return of income. A copy of statement of income, acknowledgement of return filed for A.Y. 2000- 01 along with copy of balance sheet and particulars of shareholding is enclosed therewith as Annexure III. The statement of shares shows the share held by our client of Tubes and Malleable Ltd. the name of the company was changed to SICAL Logistics Ltd. the physical shares were transferred to Demat A/c with Sharekhand Ltd. on 08.04.2005. The copy of Demat A/c is enclosed as Annexure IV. These shares were sold by our client on 6th and....

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....d on record as well as the orders passed by the lower authorities After considering the same, we have noticed that the AO has treated the Long Term Capital Gain as Short Term Capital Gain on the basis of reasons mentioned in para no. 2.3 of the order of assessment. The pith and substance of the orders passed by the AO is that there are certain contradiction in the submissions made by assessee and the same have been highlighted by the AO at para no. 2.3. 7. ld. AR drew our attention to page no.1 of the paper book which contain detail reply submitted by the assessee to the Income Tax Officer. Our attention was also drawn to Page no. 3 of the paper book which contains sample Share Certificate issue in the name of Heenaben Viren Sheth and pa....