2010 (2) TMI 1235

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....R Per J. Sudhakar Reddy, A.M. This is an appeal filed by the assessee directed against the order of the CIT(Appeals) Central-III, Mumbai dated 19-11-2008 for the assessment year 2003-04 on the following ground : 1. On the facts and in the circumstances of the case as well as in law Learned CIT(A) has erred in upholding the action of the AO for making addition of Rs. 96,420/- u/s 69C....

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....- 2006. During the course of search it has come to light that the assessee had obtained artificial capital gain by manipulation of share transactions. The assessee obtained back dated purchase bills of the shares and received shares in physical format. The assessee agreed that these allegations were true and declared long term capital gains. The issue in dispute before us is an addition made as un....

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.... been made on the basis of surmises and conjectures. 4. In the result, ground No. 1 is allowed. 5. Coming to ground No. 2, we find that the assessee has offered the entire sale proceeds to tax. The AO added the purchase cost u/s 69C. When the allegation of the Revenue is that the purchase is a bogus transaction and that the entire sale consideration is nothing but the income of the assessee,....