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2016 (9) TMI 801 - AT - Income TaxAddition u/s 69 - whether sale of shares was genuine, which was substantiated by bogus documents? - Held that:- No contention has been raised that the said Gwalior Tanks & Vessels Ltd was a viable company at the time of sale. This fact itself raises various questions as to who will give such substantial amount for the sale of shares of an allegedly worthless company. Merely because the shares are held by itself do not fit into realities about the sale amount. The Director of M/s. Mahasagar Securities Ltd group himself has accepted that it is a bogus transaction. No director of the main company of a group will give such a statement and without examining the statement, no opinion can be formed. This is evident from the fact that the assessee himself raised this ground before the ld. CIT(A). In the entirety of facts and circumstances, it is satisfied that the relevant facts, surrounding circumstances, human conducts etc., as stipulated by Hon’ble Supreme Court in the case of Sumati Dayal vs. CIT, reported in (1995 (3) TMI 3 - SUPREME Court ), have not been followed while awarding the relief by ld. CIT(A). Since the assessee has credited the amount of sale in its books of account which may represent the allegedly bogus sales consideration floated from entity which is floated by the said group, the case may fall within the parameters of Section 68 also. In view of these facts and circumstances, I am inclined to set aside the matter back to the file of ld. Assessing Officer to reexamine the issue, call for the record of M/s. Mahasagar Securities Ltd and alongwith the assessee an opportunity of cross-examination the material which the Assessing Officer proposes against the assessee. - Decided in favour of Revenue for statistical purposes.
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