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2016 (6) TMI 1209 - ITAT BANGALOREDenial of caim u/s.10(38) - AO disbelieved the purchase of shares by the assessees was that Shri. Mukesh Chokshi had given a statement in which he had mentioned providing accommodation entries to various persons in India, which included the names of the assessees along with the PAN - Held that:- None of the assessees had purchased shares from the said person. They had purchased shares from Stock-broking firms though through off-line deals. Assessees had produced brokers’ bill for the purchases. It might be true that assessees had purchased such shares at a rate lower than what was quoted in the market, but this, in my opinion would not be sufficient to treat the purchases to be bogus, when the prices were paid and concerned stock-brokers had delivered the shares. Assessees had also got the shares dematised later. Statement given by a party who was totally unrelated to the assessees could not be taken as evidence for disbelieving the evidence furnished by the assessees. Therefore denial of the claim u/s.10(38) of the Act, was not warranted. Additions made are deleted. - Decided in favour of assessee.
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