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2016 (7) TMI 371 - AT - Income TaxReopening of assessment - undisclosed sale consideration received on the sale of shares - Held that:- In the present case, the D-mat account which evidences the sale of shares does justify an inference that the assessee was indeed in possession of the shares of M/s. Essar Oil Ltd. prior to its sale. There is no material on record to suggest that the sale consideration received by the assessee in question is on account of any transaction other than the sale of shares of M/s. Essar Oil Ltd. Thus under these circumstances the onus was entirely on the Assessing Officer to establish that the purchase and sale of the shares of M/s. Essar Oil Ltd. was bogus. There is no clinching material to say that the impugned transaction was bogus. Though a reference has been made to the investigation in the case of Shri Mukesh Chokshi, but no effort has been made by the AO to demonstrate that qua the instant transaction of the assessee, any infirmity has been confessed by Shri Mukesh Chokshi. Be that as it may, assessee has been consistently canvassing before the lower authorities that the statement of Shri Mukesh Chokshi be confronted to him. Find nothing on record to suggest that any specific statement Shri Mukesh Chokshi has been confronted to the assessee. Another addition made by the Assessing Officer which is stated to have been the purchase amount of another scrip of M/s. Kiri Dyes and Mahar Poly find no material to suggest that any such transaction has been undertaken by the assessee. Therefore there is no justification to sustain the addition - Decided in favour of assessee
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