TaxTMI 
TaxTMI 
2021 (6) TMI 360
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....9/- by Ld. CIT(A) as made by the AO under section 68 of the Act towards long term capital gain accruing on sale of listed shares. 3. The facts in brief are that the assessee filed the return of income on 09.10.2014 declaring income of Rs. 13,96,530/-. The case of the assessee was selected for scrutiny and statutory notices were duly issued and served upon the assessee. During the course of assessment proceedings the AO observed that assessee has earned a long term capital gain of Rs. 1,01,71,119/- from the sale of shares of M/s. Surabhi Chemical and Investment Ltd. and M/s. Kailash Auto Finance Ltd. The appellant had purchased 500 shares of M/s. Surabhi Chemical and Investment Ltd. on 11.07.2012 (purchase Bill Attached). Then the company....
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.... 4. In the appellate proceedings, the Ld. CIT(A) also dismissed the appeal of the assessee by upholding the order of AO. 5. The Ld. Counsel, at the outset, pointed out that the issue involved in the present appeal of long term capital gain on sale of shares of M/s. Kailash Auto Finance Ltd. is squarely covered by the various decision of the co-ordinate benches of the Tribunal in the following cases. 1. Manish Kumar Baid vs. ACIT, Cir-35; Kolkata I. T.A. No. 1236/Kol/2017 2. Mahendra Kumar Baid vs. ACIT, Cir-35, Kolkata I. T.A. No. 1236/Kol/2017 3. Smt. Sonal Bajaj vs. I.T.O., Ward-36(2J, Kolkata I. T.A. No. 239/Kol/2018 4. Mr. Sanjiv Shroff vs. ACIT, Cir-36, Kolkata I. T.A. No. 1197/Kol/2018 ....
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.... Copy of High Court Order of Merger of the Company (Page no. 33 to 63 of paper book). It is vital to note that the contract-cum-bill (copy enclosed) contains the details of the order no, trade no., name of shares, quantity, rate, etc.. 7. The Ld. A.R. submitted that all the necessary evidences were filed before the authorities below, however, the AO as well as Ld. CIT(A) have proceeded on the surmises and presumption that the investigation and SEBI report suggest that these are accommodation entries and prices of shares were manipulated without doing any verification on the evidences produced by the assessee. The Ld. A.R., therefore, prayed that the addition as made by the AO may kindly be deleted. 8. The Ld. D.R., on the oth....
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....of probability without bringing on record any legal evidence against the assessee. We rely on the judgement of Special Bench of Mumbai Tribunal in the case of GTC Industries Ltd. (supra) for this proposition. The various facets of the arguments of the ld AR supra, with regard to impleading the assessee for drawing adverse inferences which remain unproved based on the evidences available on record, are not reiterated for the sake of brevity. The principles laid down in various case laws relied upon by the ld AR are also not reiterated for the sake of brevity. We find that the amalgamation of CPAL with KAFL has been approved by the order of Hon'ble High Court. The ld AO ought not to have questioned the validity of the amalgamation scheme appr....
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.... sold by the assessee by exiting at the most opportune moment by making good profits in roder to have a good return on his investment. We find that the assessee and / or the broker Ashita Stock Broking Ltd was not the primary allottees of shares either in CPAL or in KAFL as could be evident from the SEBI's order. We find that the SEBI order did mention the list of 246 beneficiaries of persons trading in shares of KAFL, wherein, the assessee and / or Ashita Stock Broking Ltd's name is not reflected at all. Hence the allegation that the assessee and / or Ashita Stock Broking Ltd getting involved in price rigging of KAFL shares fails. We also find that even the SEBI's order heavily relied upon by the ld AO clearly states that the comp....