TaxTMI 
TaxTMI 
2016 (2) TMI 1261
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.... tried to emphasis the conduct of the petitioner or the fact that they had not filed appeal from the order dated 30-1-2013 but have preferred only an application for rectification. The application for rectification was filed less than four months from the order dated 30.1.2013 which is being sought to be rectified. Thus, there was no delay and the rectification application was well within time to file an appeal under Section 260A of the Act to the High Court. The Tribunal being a final fact finding authority, the application for rectification, according to us, was an appropriate measure. Even if one accepts the observations of the Tribunal in the impugned order dated 18.10.2013 that the order dated 20.10.2010 of the Tribunal in regular assessment proceedings is incapable of being implemented in view of Section 153(2A) of the Act. This by itself would not eradicate the finding of fact by the Tribunal in its order dated 20.10.2010. On merit of its application, the Tribunal may come to finding that in view of certain further facts available in the search and seizure appeal, the findings in order dated 20.10.2010 of the Tribunal may not apply to the present appeal. However, the order o....
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....he ground that the assessee has not produced one Sh. Bhagwan Solanki from whom the share were purchased. Secondly no payment was made by the assessee for purchasing the share in question. Since the assessee is a partner in the firm, the sale purchased consideration was adjusted only by way of book entry which is shown in the final account of the firm. Though the assessee has shown the transaction in its balance sheet ending on 31.03.2002. however, no deed of transfer or any record was produced by the assessee to show the actual date of purchased note which is issued by the broking firm in which the assessee is partner. The AO issued summons to the M/s Shalimar Agro Ltd for furnishing of Annual Return or showing the transfer of shares in the name of assessee. The AO had also sought other information from the company but no response was received from that company. The Ld. AR of the assessee vehemently contended that the summon served and in response, the company issued letter dated 30.04.2002 confirming the transfer of the share in the name of the assessee. We note that the alleged transfer is off market and in absence of other evidence, it is necessary to establish the genuineness o....
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....gain. 5. Thereafter the AO made/ passed the order of assessment u/s.143(3) r.w.s.153A of the Act, on 30-12-2008, wherein the Long Term Capital Gains shown by the assessee on sale of shares of M/s Shalimar Agro Products Ltd and M/s G-Tech Info Training ltd. aggregating to Rs. 55,54,250/- (i.e. Rs. 39,54,635/- + Rs. 15,99,615/-) were added as income from the artificial long term capital gains. The AO also added 5% of Rs. 55,54,250/- i.e Rs. 2,77,712/- as unexplained money in the income of assessee. 6. Being dissatisfied with the assessment order passed by the Assessing Officer, the assessee preferred appeal before the CIT(A), however, the CIT(A) confirmed the additions so made by the AO. Now, the assessee is in further appeal before ITAT and raised the following grounds of appeal: "1. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in confirming sale consideration of Rs. 55,54,250/-, claimed as giving rise to long term capital gains, as unexplained cash credit. 2. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appe....
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....On contrary, ld. DR for the revenue argued that the transaction of the share were managed by through the accommodation entry and the same has been proved that the statement made by the assessee during the search. More over the person / broker has also deposed against the assessee that accommodation entry was provided to the assessee. 9. We have also gone through the order dated 24.6.2014, passed by the Hon'ble High Court in Writ Petition No.126 of 2014, thereby setting aside the order dated 30. 01.2013 and directed to hear the appeal afresh. 10.In order to proper appreciation of the fact of the present case, we may refer that the Tribunal vide its order dated 20-10-2010, passed in ITA No.5670/Mum/2008, accepted the contention of the assessee made in the original assessment proceedings. The assessee has received the money on sale of shares as the said sale of shares is at the Stock Exchange, which fact is not in dispute. The Tribunal has sent the matter back to the file of AO to ascertain the date of purchase, so as to decide as to whether the assessee has earned short term capital gain or long term capital gain. In the present proceedings, out of the two scripts, ....