2013 (5) TMI 1005

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.... George Mathan, JM: This is an appeal filed by the revenue against the order passed u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") by the CIT(A)-XXIV, Kolkata in Appeal No. 78/CIT(A-XXIV/C-38/07-08 dated 24.10.2011 for Assessment Year 2004-05. 2. Shri K. N. Jana, JCIT, Sr. DR appeared on behalf of Revenue and Shri Subash Agarwal, Advocate appeared on behalf of as....

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....had disclosed Long Term CapitalGain. It was the submission that the AO had in the course of assessment observed that the broker who was the member of Stock Exchange through whom the shares have been transacted have been suspended by CSE and SEBI for share manipulation. Consequently, the AO had treated the gains disclosed by the assesee as LTCG as unexplained cash credit. It was the submission that....

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....ares were sold on 12.03.2004 and the balance 7000 shares were sold on 25.03.2004 at ₹ 184/- and ₹ 314/- respectively through broker M/s. Basant Periwal. It was the submission that the copy of the demat account as also the contract note have been produced before the AO alongwith the bank account of the assessee. The Ld. AR drew our attention to pages 8 and 9 of the paper book, which is ....

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....igh Court at Calcuttta in the case of Bhagwati Prasad Agarwal, supra which have been extracted in the order of CIT(A). He vehemently supported the ordr of the Ld. CIT(A). 7. We have considered the rival submissions. A perusal of the assessment order clearly shows that the Assessing Officer has treated the sale consideration of the shares in the hands of the assessee as unexplained cash credit on....