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2012 (12) TMI 966 - AT - Income TaxReopening of assessment - accommodation entries - Held that:- The assessee has discharged his onus by filing complete details ie. purchase of shares, share certificate, Demat account, confirmation from Buniyad Chemicals Limited of whose shares were purchased. Consideration was paid through account payee cheque, therefore, there is no material against the assessee from which it can be said that the transaction entered by the assessee was not genuine. It is further noticed that in case of Kataria Ketan Ishwarlal (2010 (4) TMI 1029 - ITAT MUMBAI), the additions were made on the basis of statement of Shri Mukesh Chokshi. The Tribunal by noting that Mr. Chokshi has issued a general statement and it cannot be applied in each and every case, there was no direct evidence against that assessee. Accordingly, the amount of addition made in that case was deleted by the Tribunal. Here facts are similar. Neither the statement of Mukesh Chokshi was provided to the assessee nor there was any cross examination of Mukesh Chokshi, whereas contrary to that the assessee has filed all the details required for providing for purchase of shares were genuine. It is not a case of the department, whatever the consideration was paid by the assessee through cheque for purchasing of shares have come back to the assessee under the garb of bogus purchases as there is no evidence against the assessee. Keeping in mind all these facts and circumstances of the case, thus hold that the addition made and sustained on account of purchase of shares only on the basis of statement of Mukesh Chokshi, was not justified - Decided in favour of assessee. Unaccounted gift - unexplained credit - Held that:- admit the additional evidence as they go to the root of the case. The additional evidences are in shape of gift given to the assessee by one Ms Fareeda Manasswala. Copy of her passport and confirmation letter are filed as additional evidences. They were not filed before the AO or before the CIT(A). Therefore, to meet the end of justice, I set aside this issue to the file of the Assessing Officer to consider these evidences and then pass a fresh order after affording opportunity of being heard to the assessee - Decided in favour of assessee for statistical purposes..
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