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2018 (3) TMI 1208 - HC - Income TaxBogus purchases - Non considering the statement of Shri Mukesh M Chokshi taken on oath u/s. 132(4) - Held that:- Tribunal observed that the entire assessment was based on the statement of one Mukesh M Chokshi, a copy of which was not supplied to the assessee nor opportunity of cross-examining him was granted. Tribunal also gave independent reasons for overturning the orders of the Revenue authorities. It was noticed that the consideration for purchase of shares was paid by cheque. The shares were transferred in the names of the assessee and thereafter to the demat account of the assessee. It was from such demat account the shares were sold. The issue is primarily based on appreciation of evidence on record. No question of law arises.
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