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2013 (6) TMI 331 - AT - Income TaxIncome from un-disclosed sources - share transactions - search u/s 132 - Held that:- As during the course of hearing, a specific question was asked to the AR as what treatment was given to the shares in the personal accounts of the assessee in the year of purchase & as he submitted that he was not aware of the said fact. As this fact is vital fact for deciding the issue and it needs further verification. The shares purchased by the assessee are claimed to have been issued by BCL, a company of Mukesh Choksi. As it was held that fact of transfer of shares had to be confirmed with office of Registrar of Companies. Considering the facts of the above case restore back the matter to the file of the AO for fresh adjudication. AO is directed to afford reasonable opportunity of hearing to the assessee - appeal filed by the assessee stands partly allowed.
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