Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 319 - AT - Income TaxUnexplained purchases - AO observed that the assessee was one of the beneficiaries in the fraudulent share transactions carried out by Mukesh Chokshi - Held that:- The addition in this case is based upon the cogent materials. As mentioned hereinabove the facts and circumstances of the case clearly indicate that the assessee has entered into the sham transactions with the help of group companies of Shri Mukesh Choksi. The paper works created in this regard are merely smokescreen. The Hon’ble Apex Court in the case of Sumati Dayal vs. CIT [1995 (3) TMI 3 - SUPREME Court] and CIT vs. Durga Prasad More [1971 (8) TMI 17 - SUPREME Court] has expounded that the Revenue authorities cannot put on blinkers, but have to look into the surrounding circumstances as well. Hence, I find that the addition in this case is properly justified - Decided against assessee.
|