TMI Blog2013 (12) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... d Shri N. K. Billaiya, AM,JJ. For the Petitioner : Mr. Subodh Ratnaparkhi For the Respondent : Mr. R. K. Sahu ORDER Per N. K. Billaiya, AM : This appeal by the assessee is preferred against the order of the CIT(A)-I, Thane, dated 26-02-2010, pertaining to Assessment Year 2004-2005. 2. The assessee has raised two substantive grounds of appeal. Ground No.1 relates to addition of Rs. 15,91,260/- as income under Section 68 of the Act and Ground No. 2 relates to addition of Rs.1,59,126/- under Section 69C of the Act. 3. The facts are that during the course of the scrutiny assessment proceedings, the AO noticed that the assessee has shown long term capital gains on sale of shares of M/s Highland Industries Ltd.. The AO obser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh it back by giving it a colour of regular share transactions and to claim exemption u/s. 54F of the Act on alleged long term capital gain on the same. The AO went on to treat the sum of Rs.15,91,260/- as unexplained credit and treated the same as income of the assessee. The AO further went on to add 10% of the sale consideration as expenditure incurred for arranging such bogus long term capital gains and made an addition of Rs.1,59,126/-. 4. The assessee carried the matter before the CIT(A) but without any success. Before the CIT(A), the assessee filed supporting evidence to substantiate the genuineness of his claim. The details of the documents submitted before the CIT(A) are exhibited at page 5 of the CIT(A)'s order. After considering ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel drew our attention to a certificate issued by the company certifying that the assessee was a shareholder of the company holding 22000 equity shares during the period Agust,2002 to December, 2003. The counsel concluded that the assessee has filed all the necessary details in support of his claim and the revenue authorities have grossly erred in ignoring the documentary evidence. 6. Learned DR strongly supported the findings of the lower authorities. Learned DR also brought to our notice that fraudulent transactions have been done by a certain section of the brokers, details of which were available at the website i.e. www.watchoutinvestor.com. Copy of the same was also placed before us. It is the say of the learned DR that the broker t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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