The Commissioner Of Income-Tax - 14 Mumbai v. Shri Parasmal Nahta

Ladda IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL No. 6979 of 2010. The Commissioner of Income-tax - 14 Mumbai ... Appellant. Versus Shri Parasmal Nahta ... Respondent. Mr D.K. Kamwal for the appellant. Mr Satish R. Mody with Ms Aasifa Khan for the respondent. CORAM : J.P. Devadhar & A.R. Joshi, JJ.DATE : 28[th] November,2011. P.C. :- 1.Whether the ITAT was justified in holding that the transactions of purchase and sale of shares are genuine transactions is the question raised in this appeal. 2.The Tribunal in paragraph - 5 of its order has recorded a finding that in the present case the assessee had purchased the shares of a Company known as M/s Mantra Online in the month of April, 2001 @ Rs.3.22 per share and sold the same on 22[nd] May, 2002 @ Rs.114/- and Rs.119/- per share respectively. Ladda The Tribunal has recorded a finding that the shares were purchased at the prevailing market rate and were also sold at the prevailing market rate. The above finding of the Tribunal is based on the official report and quotations from the Calcutta Stock Exchange. The Tribunal has further recorded that the sale consideration as well as the purchase amount were settled through proper channel and that the shares were transferred through the De-mat account of the assessee and the same were also sold by transferring the shares to the De-mat account of the broker. In these circumstances, the decision of the ITAT in holding that the transactions of purchase and sale of the shares were genuine cannot be faulted. Accordingly, the appeal is dismissed with no order as to costs. (A.R.Joshi,J) (J.P.Devadhar,J.)