2019 (1) TMI 1216

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....MBER For the Appellant : Shri N. Vijay Kumar, CA For the Respondent : Shri S. Nataraja, JCIT ORDER Per BENCH:- These appeals by the assessees are directed against the orders passed by the learned Commissioner of Income Tax (Appeals)-12, Chennai as detailed herein below for the assessment year 2014-15 passed U/s.250(6) r.w.s.143(3) of the Act :- Appeal No. Assessee Order of the Ld.CIT(A)-12, Chennai No. Dated ITA 1413 of 2018 M/s. Pankaj Agarwal & Sons (HUF) ITA No.192/CIT(A)- 12/2016-17 23.02.2018 ITA 1414 of 2018 Smt. Mamta Agarwal ITA No.185/CIT(A)- 12/2016-17 01.03.2018 ITA 1415 of 2018 M/s. Rajnish Agarwal & Sons (HUF) ITA No.191/CIT(A)- 12/2016-17 26.02.2018 ITA 1416 of 2018 Shri Ramkishan Agarwal ITA No.194/C....

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....f the sale of shares of M/s. SRK Industries Ltd., as follows while computing the Long Term Capital Gain: Assessee / Appeal No. Actual value of the shares sold Erroneous value adopted by the Ld.AO Smt. Sampati Agarwal ITA No.1418/Chny/2018 Rs.63,46,801 Rs.64,71,191 Shri Rajnish Agarwal ITA No.1419/Chny/2018 Rs.63,80,898 Rs.66,77,520 Shri Pankaj Agarwal ITA No.1420/Chny/2018 Rs.62,97,298 Rs.63,93,70 (iv) In the case of Rajnish Agarwal in ITA No.1419/Chny/2018 the assessee has raised the ground that the Ld.CIT(A) has erred in confirming the order of the Ld.AO who had not allowed the benefit of set-off of losses on the sale of shares amounting to Rs. 6,01,730/- while computing the total income. (v) The assessees object to the le....

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....to Rs. 1/- for every Rs. 100/- transacted. (v) But for the price rigging and manipulative actions of the brokers the assessee would not have earned such Long Term Capital Gain. (vi) The motive of the price manipulation is only to bring out their black money as legitimately earned Long Term Capital Gain for which exemption U/s.10(38) of the Act is available. 5. The Ld.AO further relied on the following decisions while deciding the cases against the assessees:- (i) The Hon'ble Apex Court in the case Sumathi Dayal reported in 214 ITR 801, it was held that "In our opinion, the majority opinion after considering surrounding circumstances and applying the test of human probabilities has rightly concluded that the appellant's claim about th....

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....d that the matter may be remitted back to the file of Ld.AO for fresh consideration. The Ld.DR strongly opposed to the submission of the Ld.AR and requested for confirming the orders of the Ld.Revenue Authorities. 8. We have heard the rival submissions and carefully perused the materials on record. At the outset we must say that the Ld.AR could not justify before us any of their claims made before the Ld.Revenue Authorities that the transaction was genuine. Further the Ld.AR could not successfully controvert to any of the findings of the Ld.Revenue Authorities before us which are against the assessees. Instead the Ld.AR has only come out with the plea that the assessees were not provided with opportunity of cross-examining the witness, the....