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2009 (7) TMI 892 - ITAT DELHILong-term capital gains on sale shares - assessee claimed exempted under section 54F of the Act - Information from the Deputy Director of Income-tax (Investigation), was received by the Assessing Officer regarding a bogus claim of long-term capital gains shown against sale/purchase of shares routed through bank account - Certain beneficiaries have taken accommodation entries by making the payment in cash and by accepting the equivalent amount by draft and cheque and certain premium was paid on that account - It was also revealed that no actual sale/purchase of shares had taken place - operator of the aforesaid account admitted that no genuine transactions of sale/purchase of shares have taken place through this account, and he received cash from beneficiaries deposited in the bank account then issued a cheque or draft to the beneficiaries - assessee submitted that transactions of sale of shares and the capital gain arising therefrom has been declared in the Voluntary Disclosure of Income Scheme – Held that:- no justification in giving one more opportunity to the assessee, in the light of the submissions made by the assessee before the Assessing Officer, where the assessee himself has made a submission that amount of capital gain on shares was declared under the Voluntary Disclosure of Income Scheme meaning there by that the transaction was not disclosed in the regular return, it was never the case of the assessee that the transactions of sale and purchase of shares transacted through M/s. R. K. Aggarwal & Co. were genuine and the amount deposited in the bank account cannot be considered to be unexplained money introduced by the assessee by way of depositing in her various bank accounts, order of the Commissioner of Income-tax (Appeals) in confirming the addition upheld Unexplained credit or loans - whether the Assessing Officer can make the addition on account of unexplained credit or loans taken – Held that:- It is not clear whether in the course of reassessment proceedings the Assessing Officer recorded any other reasons after having noticed that the income to the extent of Rs. 1,35,00,000 had also escaped assessment - additions were made in the absence of details or confirmation of loans furnished by the assessee - Commissioner of Income-tax (Appeals) has confirmed the addition for the assessee's failure to file any confirmation from respective creditors as well as copy of agreement for taking loans and advances from various companies - assessee has also submitted that the assessee was prevented by sufficient reasons and cause from furnishing necessary details as various litigations were running between the assessee and the lenders under section 138 of the Negotiable Instruments Act and other provisions matter remanded to Commissioner of Income-tax (Appeals), appeal filed by the assessee is partly allowed in the manner as indicated above.
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