2015 (7) TMI 1304

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.... 2. In this appeal although assessee has raised multiple grounds of appeal but the solitary grievance is with respect to the action of the income tax authorities in treating the income declared by the assessee on sale and purchase of shares of Robinson Worldwide Trade Ltd.[formerly known as Robinson Impex (India) Ltd.] as an income assessable under the head 'income from other sources' as against assessee's stand of the same being assessable as long term capital gain. 3. In brief, the relevant facts are that the appellant is an individual, who filed his return of income for A.Y 2005-06 on 24/3/2006 declaring total income of Rs. 4,68,678/- which, inter-alia, included incomes by way of salaries, capital gain and income from other sources. ....

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....9/2012 for assessment year 2005-06, whereby the income earned on sale of the shares of Robinson Impex Ltd. has been accepted as an income assessable under the head long term capital gain. Ld. AR also filed a tabulation showing similarity of facts between the case of the assessee and that of Jagdish H. Shah(supra). The tabulation furnished by the assessee depicts the similarity in scrip involved, assessment year involved, the broker involved, enquiries by AO from BSE, etc. Apart therefrom, it has also been pointed out that the same AO as well as the same CIT(A) have rendered the decisions on the same dates in the case of Jagdish H. Shah (supra) as well as the assessee. Under these circumstances, it has been pointed out that the impugned orde....

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....to their respective stands in the case of Jagdish H. Shah (supra). Having regard to the aforesaid similarities, which are not controverted by the Revenue, we deem it fit and proper to rely upon the reasoning taken by the Co-ordinate Bench in the case of Jagdish H. Shah(supra) and hold that the income tax authorities have erred in treating the sale consideration on the sale of shares of Robinson Worldwide Trade Ltd. as an income from undisclosed sources. Nevertheless in order to impart completeness to this order, we deem it fit and proper to reproduce hereafter the relevant portion of the order of the Tribunal in the case of Jagdish H. Shah(supra), which is as under: "11. We have heard the rival contentions and perused the orders of....

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....perused the Remand Report of ITO 10(3)(2) Mumbai dt. 11.4.2011. In his Remand Report, the AO states that an opportunity of crossexamination of Shri Rajkumar Masalia was given to the assessee on 18-02-2009, 29-04-2009 and 09-11-2009. However, despite of giving aforesaid opportunities, Shri Rajkumar Masalia did not attend though assessee's representative attended on all of above dates and whose attendance was duly recorded on the attendance Sheet. In his Remand Report, the AO further states that the said shares of M/s. Robinson Worldwise Trade Ltd. (formerly known as Robinson Impex (India) Ltd.] were purchased on 05-04-2003 for a consideration of Rs. 15191.99 from M/s. DPS Shares and Securities Pvt. Ltd. As per record of the said company, the....