TaxTMI 
TaxTMI 
2021 (1) TMI 953
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....tion of delay is placed on record and prayed that the delay may be condoned and the appeal may be admitted. Learned D. R. had no objection to the condonation of delay therefore, finding the cause of delay to be genuine, learned A.R. was directed to proceed with his arguments on merits. 3. Learned counsel for the assessee submitted that the case of the assessee is duly covered in favour of the assessee by consolidated of the Tribunal in the case of other family members of the assessee vide order dated 16/12/2020 wherein the similar issue was decided by the Tribunal in favour of the assessee. 4. Learned D. R. submitted that the assessee did not represent before the CIT(A) and therefore, the appeal may be set aside to the office of learned CIT(A). Learned counsel for the assessee in rejoinder submitted that learned CIT(A) has passed the order on merit and in earlier cases also, similar argument was taken by Learned D. R. Learned counsel for the assessee prayed that the appeal of the assessee may be decided following the earlier Tribunal order. 5. We have heard the rival parties and have gone through the material placed on record. The brief facts of the case are that the asses....
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.... gain. Ground No. 9 and 10 are regarding addition u/s 69 of the Act which the Assessing Officer had made on the basis that assessee must have paid some commission for arrangement of bogus capital gain. The facts in brief are that assessee sold shares of CCL International Ltd. and earned long term capital gain. In support of long term capital gain the assessee filed before Assessing Officer the following documents (which is part of the paper book): S.No. Nature of documents Paper Book Page No 1. Copy of Bank Account of Federal Bank. 15-16 2. Copy of Bill Suktara Trade Link Filed 17 3. Copy of Contract note issued by Broker Edlwise Financial Adnsons Ltd. 18-24 4. Copy of Bank Account of Achal Gupta 25-31 5. Copy of Transaction statement issued From National Securities Depositary Ltd. 32-46 6.1 The above documents clearly demonstrates that assessee had purchased shares through Brokers for which the payment was made through banking channels. The assessee had sold shares through authorized stock broker and payment was received through baking channels after deduction of STT. On Page 16 which is a copy of Bank account of asses....
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....t amalgamated with M/s. CCL International Ltd. and according to amalgamation scheme, the assessee received 1,25,000 shares of M/s. CCL International Ltd. in the proportion of 250 equity shares Rs. 2 per share and Rs. 100 equity share of Rs. 10 per share. The shares which were allotted on 17.02.2011 have been sold after period of more than 18 to 20 months, i.e., on 29.08.2012 to 10.10.2012. The said shares have been sold through stock broker M/s. Indianivesh Securities Pvt. Ltd. 17. Before us the ld. counsel has in his brief note has stated that following documents and statements were filed before the authorities below: (a) All the transactions were supported by proper Contracts Notes and delivery of shares was made through De-mat Account with stock broker, M/s Indianivesh Securities Pvt. Ltd. (who is the member of BSE and registered with SEBI). The shares were sold in the open market. The appellant has fulfilled all the condition u/s 10(38) of the Income Tax Act, 1961. The appellant has already filed National Security Depository Limited generated Demat Account and the broker statement relating to the sale of share in our paper book, also relevant demat statement h....
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....lkata during the course of which certain brokers have admitted that they had provided accommodation entries in the scrip of M/s. CCL International. But nowhere in the entire assessment order, there is any reference to any material or evidence that assessee or assessee's broker have been found to be indulged in any kind of accommodation entry in this scrip. No inquiry whatsoever has been made from the broker of the assessee. Further, during the period in which assessee had purchased the shares and had sold them whether the SEBI had suspended the trading has not been mentioned, in fact, Assessing Officer himself mentions that there was brief suspension in the year 2010, whereas the assessee has purchased shares in the year 2011 and sold them in the year 2012. Coming to the financials, as culled out from the records, the revenue from the operation of M/s. CCL International Ltd. from March, 2010 to March, 2012 was between Rs. 55.25 crore to Rs. 79 crore. Thus, it cannot be held that it was mere a paper entity. From a bare perusal of the history of listing and trading of shares and the quote of Bombay Stock Exchange as quoted in the assessment order, it clearly reflects that as on 0....
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....he judgment of Hon'ble Delhi High Court in Udit Kalra was distinguishable as in that case the Hon'ble High Court has only dismissed the appeal as the Hon'ble High Court found that the issue involved was only a question of fact. In this respect, para 28 of the Tribunal order in the case of Karuna Garg is relevant which is reproduced below: "28. The DR heavily relied upon the judgment of Hon'ble High Court of Delhi in the case of Udit Kalra Vs. ITO in ITA No.220/2019. We have carefully perused the order of the Hon'ble High Court and on going through the said judgment we find that no question of law was formulated by the Hon'ble High Court of Delhi in the said case and there is only dismissal of appeal in limine as the Hon'ble High Court found that the issue involved is a question of fact." 6.4 Similarly in the case of Swati Luthra (supra), the Hon'ble Tribunal while dealing with the case law of Udit Kalra vide para 14 has held as under: "14. That the ld DR during the course of hearing placed heavy reliance on judgment of Hon'ble High Court of Delhi in the case of Udit Kalra vs ITO in ITA No. 220/2019. Relevant extracts of....