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2021 (12) TMI 1078 - AT - Income TaxAddition u/s 68 - sale of Quoted shares of Premiere Capital Services Limited by relying on various third party documents and statement of third parties - Addition u/s.69 towards the commission paid to entry provider - HELD THAT:- As relying in the case of Shri Amit Mafatlal Shah [2020 (4) TMI 894 - ITAT MUMBAI] are neither able to persuade ourselves to subscribe to the adverse inferences drawn by the lower authorities in respect of the share transactions of the assessee by referring to the stand alone statement of Sh. Mukesh Choksi, as the same as observed by us hereinabove, suffer from serious infirmities, and as such cannot be summarily accepted, nor are able to dislodge the genuineness of the purchase and sale of shares which we find had been duly substantiated by the assessee on the basis of material made available on record, which we find had not been dislodged by the lower authorities. We thus in the backdrop of the totality of the facts of the case are unable to find ourselves to be in agreement with the view arrived at by the lower authorities. We thus set aside the order of the CIT(A), and delete both of the addition made u/s.68 and u/s. 69 - Decided in favour of assessee.
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