TaxTMI 
TaxTMI 
2021 (10) TMI 1238
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....mmissioner of Income Tax (Appeals)-36, Mumbai [hereinafter referred to as 'the CIT(A)'] ' dated 28.06.2019 for the Assessment Year (AY) 2009-10. 2. The brief facts of the case as emanating from records are: The assessee filed return of income for AY 2009-10 inter-alia declaring Long Term Capital Gain (LTCG) of Rs. 8,72,578/- on sale of 13000 shares of System Cor. The assessee had purchased th....
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.... passed under section 143(3) read with section 147 of the Act, the assessee filed appeal before the CIT(A). The CIT(A) after examining the facts and placing reliance on the decision rendered in the case of Peass Engineer Pvt. Ltd. Vs. DCIT 72 taxmann.com 302 (Guj.) deleted the entire addition. Hence, the present appeal by the Revenue. 3. Sh. Sanjay J. Sethi representing the Department submitted t....
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....e concerns are accommodation entry providers. The ld. DR further pointed that once it has been admitted by the operator that firms have been floated by him to provide accommodation entries, any transaction carried out by those firms would lack genuineness. The ld. DR prayed for reversing the findings of CIT(A) and upholding the addition made in assessment order. 4. Submissions made by ld. DR hear....
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....ed payment against sale of shares through Banking channel. Source of sale proceedings credited to the Bank Account of the assessee were found to be genuine; (3) The AO has accepted the genuineness of the transactions of the sale of shares carried out through registered broker; (4) The transaction of sale of shares on the floor of BSE was found to be genuine; (5) The assessee in AY 2006-07 ha....