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2016 (10) TMI 1139 - AT - Income TaxAddition u/s 68 - bogus share transactions - Held that:- The assessee has purchased 10000 shares of M/s Aptech Ltd through M/s Alliance Intermediaries and Network P Ltd which was a group company of Mr. Mukesh Chokshi. We also find that the said shares were purchased and paid through banking channel by cheque bearing no.564901 dated 20.2.2006 drawn on Bank of Baroda. The said statement was corroborated by a documentary evidences and were placed before the AO. The said shares were also demated thereafter ultimately sold on 2.3.2006. Thus, the assessee has proved the share transactions by filing a copy of account with broker, copy of bank statement and Demat account. We find that the third party evidence has been used against the assessee without allowing the assessee to cross-examine Mr.Mukesh Chokshi on the basis of which the addition was made. Whereas the assessee has furnished all the necessary evidences to prove that share transactions were not bogus and the transactions were recorded in the books of account of the assessee Thus direct the AO to delete the addition made under section 68 of the Act and allow STCG as returned by the assessee. - Decided in favour of assessee.
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