COMMISSIONER OF INCOME TAX Vs. ATUL JAIN
HIGH COURT OF DELHI
COMMISSIONER OF INCOME TAX, DELHI-X NEW DELHI
ATUL JAIN,VINITA JAIN
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MADAN B.LOKUR, J. -
(1.) The Revenue is aggrieved by an order dated 2nd March, 2006 passed by the
Income Tax Appellate Tribunal, Special Bench SMC, New Delhi in ITA No.4824-
25/Del/2004 relevant for the assessment year 1997-98.
(2.) The assessees had purchased shares of M/s Globe Commercials Ltd.
through M/s Maheshwari Sons, stock and share broker. Subsequently, these shares
were sold at a much higher value through another broker Satish Kumar Goel,
proprietor of R.K. Aggarwal and Co. The assessees had disclosed long term
capital gains arising from the transaction.
(3.) It appears that some intra-departmental information was received by the
Assessing Officer to the effect that the assessees had taken a bogus entry of
long term capital gain after paying the equivalent amount in cash together with
premium for the accommodation entry to Satish Kumar Goel. This information was
received from the Deputy Director of Income Tax (Investigation), Gurgaon. Based
on the information received, the Assessing Officer took action to issue a notice
under Section 148 of the Income Tax Act, 1961 (the Act) to the assessees.;
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