2012 (9) TMI 1098

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....rsha Devani, J. The appellant - revenue has challenged the order dated 31-05-2011 made by the Income-tax Appellate Tribunal (the Tribunal) by proposing the following question : "Whether on facts and circumstances of the case and in law, the Hon'ble ITAT is right in deleting the addition of Rs. 36,71,881/- made u/s. 68 by the Assessing Officer by treating the Short Term Capital Gain....

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....ut did not succeed. 3. Mr. Manav Mehta, learned counsel for the appellant has assailed the impugned order by placing reliance upon the reasoning adopted by the Assessing Officer. 4. As can be seen from the impugned order, the Tribunal, after appreciating the evidence on record, has found that before the Assessing Officer the assessee had explained that the purchase transactions were made on ....

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....ment, the Tribunal accepted the submission of the assessee that the genuineness of the transactions was already proved by the contract notes for sale and purchase, the bank statement of the broker, the Demat Account showing transfer in and out of shares, as also abstract of transactions furnished by the CSE. The Tribunal, after appreciating the evidence on record, concurred/with the findings recor....