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2015 (9) TMI 1420 - ITAT MUMBAIIncome from unexplained sources u/s. 68 - Held that:- AO had made addition to the income of the assessee u/s.68 of the Act on the basis of the report of the investigation wing of the department,that the officers of the wing had carried out a search and seizure action in the case of Mukesh Choksi group concerns who were engaged in the business of providing accommodation entries,that the was informed that the assessee was beneficiary of the entries provided by one of the Mukesh Choksi group concern i.e.GFPL,that the had claimed LTCG for four scrips,that two out of four were sold on stock exchange and remaining two were sold off market,that the FAA had given categorical finding of fact that the assessee was holding the shares for more than one year,that folio no and copies of certificates were made available to the AO,that the stamp of the company proved that shares were actually transferred in the name of the assessee,that sale of the shares and receiving the sale proceeds through banking channels is not in doubt,that Mukesh Choksi had not alleged that the transactions in question were tainted,that the assessee was not allowed cross examination of Mukesh Choksi with regard to the transactions entered in to by her.Considering the above facts, we are of the opinion that the FAA was justified in reversing the order of the AO.The information received by the AO was a good starting point for further investigation but was not a reliable evidence to make addition u/s.68 of the Act.The assessee had discharged the burden of proving the genuineness of transactions and therefore confirming the order of the FAA,we decide effective ground of appeal against the AO. - Decided in favour of assessee
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