2012 (5) TMI 844

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.... the claim of the a of Rs. 9,48,447 as capital gain as against the same treated by the AO as unexplained credit under the provisions of section 68 of the I.T. Act. 2. Facts in brief as emerged from the corresponding assessment order passed u/s.143(3) of the I.T. Act, 1961 dated 28/11/2008 were that the assessee-HUF has claimed long-term capital gain of Rs. 8,68,147/- on the group of Gautam Resources. The details of sale and purchase was intimated as under:- Purchase Date No.of Shares Rate of Purchase Purchase Amount Sale date No.of Shares Sales rate Sale value 16.03.2004 10000 8.03 80300 28.7.2005 10000 94.95 9,49,500 2.1. In this regard, the Assessing Officer has....

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....ice-versa, to either purchase or sell shares. 5.2. Finally, simply because the price of the particular scrip had increased substantially in a short period of time, it could not be used as a ground to treat the transactions as bogus, especially when the genuineness of the transactions had already been proved beyond doubt by several documentary evidences procured by the AO, as also submitted by the Assessee along with the written confirmations furnished by the brokers and supported by their bank statements. 5.3. Given such facts and circumstances of the case as discussed above in considerable detail, I have come to the inevitable conclusion that there was simply no basis for the AO to treat the sum of Rs. 9,48,447 as unexpla....

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....ntioned that the brokerage was inclusive of service tax etc. In the case of the selling broker, Shri Ashok Kumar Kayari, the Service tax Securities Transaction Tax and Education Cess were separately mentioned. This clearly showed that the AO had not studied the contract notes in detail. 7.1 With regard to the point raised by the AO about the absence of brokerclient agreement, it has been submitted that the genuineness of the transactions was already proved by the contract notes for sale and purchase, the bank statement of the broker, the Demat Account showing transfer in and out of shares, as also the abstract of transactions furnished by the CSE. The brokers had separately confirmed the transactions directly to the AO. 7.....