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2016 (9) TMI 1143 - AT - Income TaxBogus long term capital gain entries - whether the statement of Shri Mukesh Choksi is sufficient to the addition? - Held that:- Except the statement of Shri Mukesh Choksi there is no material available to the Assessing Officer for the said addition. No opportunity of cross examination of Shri Mukesh Choksi was given to the assessee. It is not in dispute that the sales were effected from Demat Account No.10111342 with Dena Bank. Sale consideration of ₹ 1,83,768/- were deposited in the appellant’s saving bank account No. HS 7310 of Central Bank of India. There is no cogent and convincing material with the Assessing Officer for the above said bogus transaction to the tune of ₹ 1,83,768/-. As discussed above the statement of Shri Mukesh Choksi is not sufficient to arrive at this conclusion that the transaction with M/s. Gold Star Finvest Pvt. Ltd. is bogus specifically in the circumstances when no opportunity was given to the assessee to cross examine the Shri. Mukesh Choksi. The number of decisions have come in favour of the assessee which were based upon the statement of Shri Mukesh Choksi - Decided in favour of assessee.
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