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2023 (6) TMI 163 - AT - Income TaxAddition u/s 69 - unexplained investment - share transactions - Year of assessment - addition invoking the provisions of section 115BBE - an Ikrarnama relating to transfer of shares in Paradizo Resort was retrieved from the mobile phone of Sh. Ashok Jain[ brother of assessee] - HELD THAT:- As in the year under consideration the shares were not transferred as contended by the ld. AO and the unexplained investment as contended by the assessing officer in fact inkling based on the unsigned ikrarnama found. Addition was made based on the suspicion and the consideration fixed vide ikrarnama in fact not flowed and in fact there is no support found from the seized record to substantiate the view taken by the revenue. The asset is not transferred and it is the ld. AO reported the shares were reflected in the subsequent return and the capital gain is also offered. Thus, in the absence of any tangible material found from the search proceeding except the unsigned ikrarnama we do not see any force in the argument advanced by the ld. DR. DR did not controvert the detailed finding on facts given by the ld. CIT(A) holding that alleged shares were transferred in the subsequent years which were not only disclosed by the assessee in his return of income but due taxes were paid thereon and the same is reiterated before us by the ld. AO in his status report. Thus, we concur the detailed finding of the ld. CIT(A) holding that the transaction for legal transfer of shares actually took place in the subsequent assessment year but not in the year under consideration. Thus addition cannot be sustained merely on assumption and presumption where the evidence clearly supports the contention of the assessee.. There is no tangible material evidence except the unsigned ikrarnama where in itself the details of the cheque payments mentioned are duly recorded. The subsequent transfer of shares duly recorded in the year of transfer and offered for tax, support the finding of the ld. CIT(A). - Decided against revenue.
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