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TMI Blog2013 (6) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... at, the trades for purchase and sale took place through authorized trading members on the Stock Exchange, and the Appellant received and gave delivery of shares through her D-MAT A/c. 2. On the facts, and in circumstances of the case, and in law, the Ld.CIT(A) erred in upholding the order of the Assessing Officer erred in adding Rs. 26,919/- being 5% of sale price Rs. 5,38,371/- u/s. 69C as un-explained expenditure on mere presumption and without bringing any material on record as to incurring of such expenditure. 2. Assessee, an individual, filed her return of income on 29-08-2003 declaring total income at Rs. 82,760/- Lakhs. Assessment was finalised on 29-12-2010 by the Assessing Officer (AO) determining total income at Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the statements of Shri Choksi, he held that NSE had denied the transactions of shares of BCL, that sale proceeds of shares had to be taxed as income of the assessee from un-disclosed sources of income. He further held that 5% of the sale proceeds i.e., Rs. 26,919/- should be treated as unexplained expenditure u/s. 69C of the Act. 3. Assessee preferred an appeal before the First Appellate Authority (FAA). After considering the submissions of the assessee and the assessment order, he held that certain informations were received by the department leading to search and seizure operation u/s. 132 of the I.T.Act, 1961 in the case of Mahasagar Securities P. Ltd., (Later on known as M/s. Alag Securities Pvt. Ltd.,) and its Group Companies, that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... put before us. During the course of hearing, a specific question was asked to the AR as what treatment was given to the shares in the personal accounts of the assessee in the year of purchase. He submitted that he was not aware of the said fact. In our opinion, this fact is vital fact for deciding the issue and it needs further verification. The shares purchased by the assessee are claimed to have been issued by BCL, a company of Mukesh Choksi. We find that in the case of Ravindra Kumar Toshnival (supra) relied upon by the AR, it was held that fact of transfer of shares had to be confirmed with office of Registrar of Companies. Considering the facts of the above case and the matter of Shri Arvind Karia, relied upon by the DR, in the intere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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