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1 - 4 of 4 (0.18 seconds)Commissioner Of Income-Tax vs Emerald Commercial Ltd. And Anr. on 23 March, 2001
In addition to this, we also rely on the judgments of jurisdictional, Hon'ble Calcutta
High Court in the case of Commissioner of Income-tax v. Emerald Commercial Ltd.
[2002] 120 Taxman 282 (Calcutta), wherein it was held that where the details of
purchase and sale of shares were furnished. The payment and receipt were by
account payee cheque. The identity of seller and purchaser was not in dispute. The
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I.T.A. No. 517/Kol/2017
Assessment Year: 2008-09
M/s. Manoj Kumar Damani
disallowance should not be made by assessing officer merely because the assessee
failed to produce the brokers for verification of the transaction.
Section 263 in The Income Tax Act, 1961 [Entire Act]
Prem Vasisht vs Commissioner Of Income Tax, Chandigarh on 28 November, 2016
8.We have given a careful consideration to the rival submissions and perused the
material available on record. We note that the assessee under consideration has
done the transaction through recognised stock exchange and produced before us
the contract notes, details of the transactions, and details of payment through
account payee cheques. We note that transactions have been carried out through
proper banking channels/account payee cheques, through the existence of the
brokers and stock exchangeand these facts were not disputed by the ld DR for the
Revenue. In the assessee's case, the Assessing Officer treated the transactions as
bogus only on the basis that the broker,M/s. Sunchen Securities Ltd., has been
blacklisted by SEBI and its registration was cancelled subsequently. The fact that the
registration has been cancelled subsequently does not mean that the transactions
are invalid. The assessee cannot be punished for the default of the brokers and
therefore the share transactions cannot be held to be bogus. For this we rely on the
judgement of the Co-ordinate Bench of the Kolkata Tribunal in the case of Rahul
Vasisht vs. Income Tax Officer in ITA No. 140/Kol/2009, Assessment Year 2005-06,
order dated 20th November, 2009, wherein it was held as follows:-
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