Calcutta High Court
Commissioner Of Income Tax vs Bhagwati Prasad Agarwal on 29 April, 2009
Author: Subhro Kamal Mukherjee
Bench: Subhro Kamal Mukherjee
Order Sheet ITA No. 22 of 2009 IN THE HIGH COURT AT CALCUTTA SPECIAL JURISDICTION (INCOME TAX) ORIGINAL SIDE Commissioner of Income Tax, Kolkata - III Versus Bhagwati Prasad Agarwal For the Appellant : Prithu Dudharia, Advocate Before:
The Hon'ble Justice Subhro Kamal Mukherjee And The Hon'ble Justice Kalidas Mukherjee Date: 29th April 2009 This is an appeal under Section 260A of the Income Tax Act, 1961 challenging the order of the Income Tax Appellate Tribunal. The revenue challenged the order passed by the Commissioner of Income Tax (Appeal), inter alia, deleting the addition of Rs.34,81,165/-, which was treated as income from other sources based on the information received from the Calcutta Stock Exchange. The amount was claimed by the assessee as long term capital gains.
It is submitted by Mr. Prithu Dudharia, learned advocate for the revenue that the records from the Calcutta Stock Exchange shows that the name of the assessee is not appearing in respect of the transactions-in-question. 2
The tribunal found that the chain of transaction entered into by the assessee have been proved, accounted for, documented and supported by evidence. The assessee produced before the Commissioner of Income Tax (Appeal) the contract notes, details of his DEMAT account and, also, produced documents showing that all payments were received by the assessee through bank.
We do not, therefore, think that this appeal involves any substantial question of law requiring interference by this court under section 260A of the Income Tax Act, 1961.
The appeal is, therefore, summarily dismissed. We make no order as to costs.
Let urgent certified copy of this order be supplied to the parties, if applied for, upon compliance with all requisite formalities.
(Subhro Kamal Mukherjee, J.) (Kalidas Mukherjee, J.) R. Bose Asst. Registrar(C.R.) 2