Assessee purchased shares of two companies on 4-5-2005 and 10-5-2005 and made payments to brokers on 29-9-2006, 12-5-2005 and 14-12-2006 and sold said share between 10-10-2006 and 13-12-2006. Assessee claimed capital gain arising from sale of shares partly as short-term capital gain and partly as long-term capital gain. Assessing Officer treated gain as income from undisclosed sources.\u00a0 On appeal the Tribunal held that\u00a0\u00a0 since contract notes clearly showed date of purchase of shares as 4-5-2005 and 10-5-2005 and purchases were duly reflected in account books for financial year 2005-06 ending on 31-3-2006, merely because payments were made to brokers on subsequent dates would not make capital gain as income from undisclosed sources.\u00a0 Assessing Officer is\u00a0 directed to consider gain as long-term capital gain. \u00a0\u00a0(AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Purchase of shares-Reflected in account books-Payment was made to broker subsequent date-Capital gains cannot be assessed as income from undisclosed sources.[2(29AA,) 2(29B), 68, 69] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-43894","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bpY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=43894"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43894\/revisions"}],"predecessor-version":[{"id":43895,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43894\/revisions\/43895"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=43894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=43894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=43894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}