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2010 (4) TMI 1029 - ITAT MUMBAIUnexplained/unaccounted expenditure incurred on marriage ceremony - assessee, who is a chartered accountant by profession, got married during the year and has shown to have received various gifts on the occasion of his marriage. the assessee has not shown any expenditure on account of the marriage ceremony on the ground that such expenditure was borne by his relatives and friends - HELD THAT:- Since the assessee lost his father at the age of 14 and was leading a simple life style and the expenditure was incurred by his uncle. However, the assessee was unable to provide the details of the uncle along with his source of income and amount of expenditure incurred by him for the marriage ceremony of the assessee. Under these circumstances, it cannot be said that the assessee had not incurred any expenditure. Therefore, the addition of ₹ 4 lakhs appears to be on the higher side especially when the Department has no information as to the number of persons who attended the function, the place of function, lavishness of the expenditure, etc. We, therefore, deem it proper to restrict the disallowance to ₹ 2 lakhs which, in our opinion, will be reasonable. Grounds of appeal by the assessee is partly allowed. Deduction u/s 54F - amount received on sale of shares from M/s. Gold Star Finvest Pvt. Ltd. as unexplained cash credit and accordingly denied the relief u/s. 54F - HELD THAT:- As sale of such shares by the assessee through M/s. Gold Star Finvest Pvt. Ltd. as bogus on the ground that Mr. Choksi and his broking company were engaged in giving false share transaction bills. However, from the copy of the statement of Mr. Choksi, a copy of which is filed in the Paper Book, we find Mr. Choksi has not specifically mentioned the name of the assessee for obtaining benefit on sale of such bogus shares. Considering the fact that the assessee had purchased the shares which were duly transferred to the Demat account, and, in absence of any allegation against the assessee by Mr. Choksi it cannot be said that the sale of the shares is bogus. In this view of the matter, we hold that the sale transaction entered into by the assessee is genuine transaction. Since the AO has not disputed regarding the purchase of house property and since the assessee fulfils the conditions for treating the profit on sale of such shares as long term capital gain and fulfilled the conditions for allowability of deduction u/s. 54F, therefore, we set aside the order of the CIT(A) and direct the AO to allow the claim of the assessee. This ground by the assessee is accordingly allowed. In the result, the appeal filed by the assessee is partly allowed.
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