Home
Forgot password New User/ Regiser Register to get Live Demo
2022 (8) TMI 130 - AT - Income TaxBogus LTCG on sale of shares - Penny stock purchases - HELD THAT:- We note that issue is squarely covered against the assessee by judgment of the Hon`ble Calcutta High Court in the case of Swati Bajaj and Others [2022 (6) TMI 670 - CALCUTTA HIGH COURT] Unexplained cash deposits in bank account - HELD THAT:- CIT(A) noted that there is no cash deposit found in the bank account of the creditor prior to the date on which cheques were issued to the assessee. Even, no cash withdrawal was found from the bank account of the creditor repaid. The assessee was subjected to search & survey on 19.02.2011 & 03.09.2015 i.e. before & after the date of survey on GCSL, no document indicating any cash payment for obtaining accommodation entries or receiving of cash on repayment of loan was found. It is undisputed fact that no documentary evidence was found anywhere (at the premises of third party i.e. GCSL or at the premises of the assessee), which even remotely suggests that the assessee paid any cash for there transactions with GCSL. We do not agree with the sweeping allegation of the AO that “Transactions were accommodation entries". This statement is totally unfounded and not based on any cogent evidence to back such high-voltage statement apparently based on conjectures and surmises. Based on these facts and circumstances, we are of the view that there is no any infirmity in the order passed by ld CIT(A). That being so, we decline to interfere in the order passed by ld CIT(A), his order on this issue is upheld and grounds of appeal raised by the Revenue is dismissed.
|