TMI Blog2011 (4) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... s justified in making addition even in respect of those issues which come to his notice subsequently in the course of reassessment proceedings though such issue was not included in the reasons recorded while initiating proceedings under section 147 - argument raised by the assessee does not carry any weight - Against assessee. - IT APPEAL NO. 173 OF 2007 - - - Dated:- 5-4-2011 - ADARSH KUMAR GOEL AND AJAY KUMAR MITTAL, JJ. Akshay Bhan and Animesh Sharma for the Appellant. Denesh Goyal for the Respondent. JUDGMENT Ajay Kumar Mittal, J. The paper-book of this case has not been received from the concerned Branch as the same is said to have been burnt in the fire incident that took place in the premises of this Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice, the assessee again filed return on 16-10-2001 declaring the same income as shown in the return filed earlier. The Assessing Officer, however, vide order dated 21-3-2003 completed re-assessment at the income of Rs. 20,24,602. It was found by the Assessing Officer that the assessee had purchased 30000 shares of M/s. Ankur International at the rate between Rs. 2.50 and Rs. 3.40 per share, in the month of April, 1997 and out of those shares, he sold 24000 shares through a broker, namely, M/s. S.K. Sharma Co. During reassessment proceedings, the Assessing Officer came to the opinion that the value of the said shares could not be as high as Rs. 55 per share and accordingly made an addition of Rs. 12,47,500 to the income of the assessee as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of family member of the assessee, Shri Som Nath Maini, this Court had held identical transactions to be non- genuine and upheld the order of the Tribunal on the similar ground. 9. We have gone through the record and do not find any force in the argument of the learned counsel for the assessee. 10. The Tribunal while adjudicating the issue against the assessee had recorded a finding of fact that the transaction of sale and purchase of shares of M/s. Ankur International Ltd., was not a genuine transaction, a part where of relevant to the present issue, mentioned in para Nos. 27 and 28 of the order, reads as under : "We would also like to refer to certain material on the basis of which the finding of fact has been arrived at by the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of shares having taken place through them, no addition could be made in the hands of the assessee for non-production of records by M/s. S.K. Sharma Co. The contention advanced on behalf of the assessee appears to be attractive at first sight. So, however, when all the facts and circumstances of this case are viewed in totality, the assessee cannot be said to have discharged the onus in regard to the genuineness of the transaction of sale of shares through M/s. S.K. Sharma Co. The information appearing from the bank account of M/s. S.K. Sharma Co. and the non-production of the records relating to transaction by M/s. S.K. Sharma Co., have got to be viewed in the light of the attendant facts and material collected by the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not to be more than Rs. 9.37 per share by adopting two methods for calculation of N.A.V. (net asset value)." 11. No perversity or error of law could be pointed out by the learned counsel for the appellant so as to persuade this Court to interfere with the said findings which are accordingly affirmed. Further, in Som Nath Maini's case (supra), under identical circumstances this Court had upheld the findings of the Tribunal against the assessee and held that no substantial question of law arises. Still further, Explanation 3 to section 147 of the Act has been inserted by Finance (No. 2) Act, 2009, retrospectively from 1-4-1989 wherein it has been provided that the Assessing Officer is justified in making addition even in respect of those is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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