TaxTMI 
TaxTMI 
2023 (5) TMI 1060
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....sment order dated 31.03.2018 framed u/s 143(3)/254 of the Income-tax Act, 1961 [the Act, for short], thereby denying the claim of long term capital gain and confirming the addition of Rs. 80,32,765/- added as undisclosed income by the Assessing Officer. 3. Representatives of both the sides were heard at length. Case records carefully perused. Relevant documentary evidences brought on record duly considered in light of Rule 18(6) of the ITAT Rules. 4. This is not the first round of litigation. In the first round of litigation, assessment was framed u/s 143(3) of the Act vide order dated 29.12.2009, wherein the returned income of the assessee at Rs. 57,15,384/- was assessed at Rs. 1,37,48,149/-, inter alia, treating the short term capital g....
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....statistical purposes, the second ground of appeal is partly allowed." 7. Pursuant to the directions of the Tribunal, the Assessing Officer once again dismissed the claim of long term capital gains and treated he gains of Rs. 80,32,765/- as 'income from undisclosed sources', which was confirmed by the ld. CIT(A). 8. Purchase transactions can be understood from the following chart: Date of purchase No. of shares Broker Name Purchase Price Payment made on Payment amount Credited /received in demat account No of Shares Date 04.05. 2005 16000 Vasundra capital and securities Ltd. Kanpur 27,18,563.20 29.09.2006 27,18,563.2 0 8000 8000 11.10.2006 13.10.2006 11.122006 13.12.2006 10.05. 200....
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....direction was irrelevant and could not have been carried out by any authority under any circumstances as the shares purchased were transferred to the DEMAT Account and there is no question of any distinctive number of shares. 13. It is a settled proposition of law that the law does not contemplate or require the performance of an impossible Act - lex non cogit ad impossibilia. The Securities Exchange Board of India [SEBI], under FAQ of 'Dematerialization' more than one and a half decade ago, had clarified that "dematerialized shares do not have any distinctive numbers. These shares are fungible, which means that all the holdings of a particular security will be identical and interchangeable." 14. Thus, asking the assessee to provide dist....
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....r, follow it up with delivery of shares, accompanied by transfer deeds duly signed by the registered holders. The seller is entitled to receive the consideration agreed to as on the date of contract. The Board are of the opinion that it is the date of broker's note that should be treated as the date of transfer in cases of sale transactions of securities provided such transactions are followed up by delivery of shares and also the transfer deeds. Similarly, in respect of the purchasers of the securities, the holding period shall be reckoned from the date of the broker's note for purchase on behalf of the investors. In case the transactions take place directly between the parties and not through stock exchanges the date of contract o....