2017 (12) TMI 309

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....om longterm capital gains, income from speculation and income from other sources. 3. The Assessing Officer passed an assessment order dated 13th December 2010. The Assessing Officer found that during the relevant year, the respondentassessee had purchased 14,000 shares of Orbit Corporation, out of which, 8,000 shares were purchased from one broker on 22nd May 2007 and remaining 6,000 shares were purchased from another broker on 21st May 2007. The Assessing Officer found, after making enquiry with the Stock Exchange, that no such purchases were made during the financial year 2007-08. The Assessing Officer came to the conclusion that as payment for purchase of shares was made in the month of December 2007, all purchases of 14,000 shares by....

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....ons and to produce relevant documents and books of accounts. However, notwithstanding service of summons, the brokers did not appear. Notwithstanding grant of time, the respondent did not produce the brokers for verification. He urged that finding on this aspect of the Assessing Officer is totally overlooked by the Commissioner (Appeals) and the Appellate Tribunal. He submitted that going by the record of the Stock Exchange, the so-called purchases of shares by the respondent-assessee was in the month of May 2007. As per record of the Stock Exchange, in the month of May 2007 the brokers purchased the shares in their name and transferred it to the assessee's demat account in the month of December 2007. As regards second issue, he urged t....

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....that the shares were purchased by the respondent-assessee in May 2007 at the then prevailing rate and subsequently there is a confirmation by the Brokers. 6. The Appellate Tribunal confirmed finding of fact recorded by the Commissioner (Appeals) that there is no evidence brought on record by the Revenue to show that any consideration for purchase of the said shares was paid by the respondent-assessee over and above what was shown by the respondent-assessee. Therefore, on the basis of material on record, the finding of fact recorded by the Assessing Officer was set aside by the Commissioner (Appeals) while deciding appeal. His order has been confirmed by the Appellate Tribunal. The result of the finding is that the direction to treat the ....