2017 (4) TMI 1263

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.... RAO, AM: There are two appeals under consideration pertaining to two different assessees for the AY 2005-06. Since, the issues raised in these appeals are identical, therefore, for the sake of convenience, both these appeals are clubbed, heard combinedly and disposed of in this consolidated order. Appeal wise adjudication is given in the following paras of this order. 2. In connection with the....

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....Act, Ld AR for the assessee submitted that the assessees purchased 3000 shares each of M/s. Ramakrishna Fincap Ltd in the year 2003 @ Rs. 3.12 per share. The same were sold in 2005 at the sale price of Rs. 157.30 involving a broker named M/s. Basant Periwal & Company in Calcutta Stock Exchange. There was no investigation into the said sale and purchase transaction of the assessee by any agencies. ....

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....unsel for the assessee demonstrated that the CIT (A) is hyper technical and not fair in not following the said order of the Tribunal (supra) of the case of Sri Indravadan Jain, (supra). 5. On hearing both the parties and on perusal of the orders of the Revenue Authorities as well as the cited decision of the Tribunal in the case of Sri Indravadan Jain HUF (supra), I find, the said decision of the....