COMMISSIONER OF INCOME TAX Vs. JASVINDER KAUR

JUDGEMENT

(1.) This is an appeal, made under Section 260A of the Income Tax Act, 1961 (in short, 'the Act'), against the order, dated 14.03.2008, passed, in I.T.A. No. 51/(Gau)/2008, for the assessment year 2003-04, whereby the learned Income Tax Appellate Tribunal, Guwahati Bench (in short, 'the Tribunal') has allowed the appeal of the assessee-appellant, set aside the assessment order, dated 30.03.2006, as well as the appellate order, dated 21.01.2008, passed against the assessee. The appeal has been admitted, for hearing, on the following substantial question of law:

(2.) The assessee-respondent, who is an individual, filed annual return, for the assessment year 2003-04, showing her income derived from salary, capital gains and also income from other sources. In the course of time, when the assessee-respondent's case was selected for scrutiny, notices were accordingly issued under Sections 143(2) and 142(1) of the Act.

(3.) The Assessing Officer found that the assessee, during the relevant assessment year, had shown long term capital gain of Rs. 18,73,210/- by selling shares of two companies, namely, Ocean Entrade Limited and United Impex Limited. 'The purchases and sales of the shares, in question, as reflected in the return of income, may be summarised as follows: