9911796707
TMI Blog2012 (10) TMI 320X X X X Extracts X X X X X X X X Extracts X X X X ..... , alleging the same to be accommodation entries. 3. Brief facts are: Assessee company claimed to have sold following shares to one M/s Batra Investment: (1) 50000 shares of M/s PCB Consultants Pvt. Ltd. = Rs. 5,00,000/- (2) 50000/- shares of M/s MMSL = Rs. 5,00,000/- 3.1. The assessee produced copy of credit note received from M/s Batra Investment. According to Assessing Officer, the Investigating Wing had intimated that said M/s Batra Investment seemed to be connected with the Mahesh Batra named companies. Assessee replied as under: (1) The purchase of these shares were in earlier years through bank from one M/s My Money Securities Ltd. relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rried out any transaction with Mahesh Batra. M/s Batra Investment was proprietary concern of Shri Satish Kumar and merely because the names were identical or there were allegations the amount cannot be added as unexplained cash credit u/s 68 in the hand of assessee without disproving the evidence. 4.2. It has not been disputed that the shares were purchased in earlier years and accepted accordingly by department. Assessee produced the purchase notes and sale note of Shri Satish Kumar. The sale amount was received through banking channels and shares were purchased also by banking channels. 5.3. The addition cannot be made as unexplained cash credit merely on surmises and conjectures without refuting the evidence filed by the assessee. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Ltd. was reflected in the books of the assessee and that these amounts were also shown as advance in the balance sheet of the assessee company and a s a credit in the balance of M/s Silver Streaks Trading Pvt. Ltd. as on the 31st March, 2003. Concerning the payment made by M/s Silver Streaks Trading Pvt. Ltd. it was found that the same was made in October November, 2003 by Account payee cheques and a certificate from Corporate Bank in this regard was produced before the Assessing Officer in the remand proceedings, which was forwarded to the Commissioner of Income Tax (Appeals). By the Assessing Officer. Therefore, the Tribunal came to the conclusion that it was clear that the assessee company had been holding the shares which were sold b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor and genuineness of the transaction. This onus has been discharged by assessee and same can be rebutted by Assessing Officer on the basis of cogent reasons. The assessee produced sales note of shares to M/s Batra Investments, sale proceeds were received through banking channels, which, according to assessee establishes the genuineness of transaction. In our view, the burden to prove cash credit u/s 68 stands discharged by the assessee and has been rebutted only by vague findings that Shri Satish Kumar had involvement with Mahesh Batra and there is no independent agency to prove the transaction. In our view the rebuttal does not carry effective meaning to dislodge assessee's explanation. Assessee having discharged his burden, there is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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