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2019 (1) TMI 108 - AT - Income TaxAddition u/s 68 - assessee has entered into a colourable device for avoiding the tax and receipt of sale proceeds by way of cheque is nothing but unexplained cash credit u/s 68 - Held that:- The lower authorities have proceeded to tax the profit arising out of sale of such shares in the hands of the assessee on the ground that the assessee may be one of such beneficiaries. However, the shares according to the AR were sold through D-mat account maintained with Kotak Mahindra Bank, there were contract notes for purchase of the shares and the sale proceed were received by cheque. It is the submission of the Dr that the shares were purchased off market and there is no proper justification for huge rise in the price of the shares when the company has not done any substantial business so as to command such huge premium. Considering all restore the matter back to the file of the Assessing Officer with the direction to provide the statements of the persons which are the basis for making the addition in the instant case. - decided in favour of assessee for statistical purpose. Depreciation on motor car - denial of claim as assessee has received only remuneration and interest from the partnership firm M/s. Jay Kay Enterprises and the vehicle is not used for the purpose of own business but for the purpose of the business of the firm - Held that:- Since the assessee did not give any submission before the CIT(A) on this issue either written or oral, the Ld. CIT(A) dismissed the ground raised by the assessee. Even before me also the assessee did not make any submission on this issue. Under these circumstances the ground raised by the assessee is dismissed.
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