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2015 (11) TMI 1724 - AT - Income TaxConsideration on sale of shares assessable as income from undisclosed sources - Held that:- Conclusion of the Assessing Officer is entirely based on the result of the investigations carried out in the case of Mr. Mukesh Choksi. Similar situation came up before the Tribunal in the case of Shri Ravindra Kumar Toshniwal [2010 (2) TMI 1157 - ITAT MUMBAI] for assessment year 2005-06, wherein also the sale and purchase of shares undertaken in M/s. Buniyad Chemicals was held to be a bogus transaction. The relevant discussion in the order of the Tribunal dated 24/02/2010(supra) reveals that the arguments set up by the Assessing Officer were similar to those which are before me. The Tribunal considered the material sought to be relied upon by the Assessing Officer in the present case. Firstly, the Tribunal observed that merely because a transaction was not undertaken on the floor of Stock Exchange is no ground to doubt its veracity. In the present case too emphasis has been on the fact that the impugned transaction was an off- market transaction. Having regard to the precedent in the case of the order of the Tribunal dated 24/10/2010 in the case of Ravindra Kumar Toshniwal (supra), find no reason to uphold the stand of the Revenue. - Decided in favour of assessee.
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