2016 (3) TMI 1496

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....nt : Shri Amit Nigam, D.R. ORDER PER A. K. GARODIA, A.M. This is assessee's appeal directed against the order passed by learned CIT(A)-III, Lucknow dated 29/01/2015 for the assessment year 2011-12. 2. In this appeal the assessee has raised the following grounds: "1. The Ld. Commissioner of Income-tax (Appeals) has erred in law and on facts in passing the order which is illegal....

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....ent available on page No. 3 of the paper book, it can be seen that the shares of Allahabad Bank in question were credited in this DEMAT account of the assessee during this period to the extent of 4,400 shares and as per the DEMAT account statement available on page No. 4 of the paper book for financial year 2010-11, it can be seen that during this period, out of the same opening balance ....

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.... same is being treated as income from other sources. Before this, in Para 6(v) of the assessment order, it is noted that despite of giving several opportunities, the assessee could not furnish any supportive documents on the basis of which date and rate of purchase of shares could be determined. Hence, it is seen that the Assessing Officer is doubting the date and rate of purchase of these shares ....

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.... therefore, the gain is Long Term Capital Gain on sale of quoted shares which is exempt and once it is held that the Long Term Capital Gain is exempt, what is the cost of acquisition and how much is capital gain is not relevant because whatever be the gain, the entire gain will be exempt. Under these facts, we feel that the addition made is not justified. However, the Assessing Officer is at liber....