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TMI Blog2014 (6) TMI 398X X X X Extracts X X X X X X X X Extracts X X X X ..... 7/-. And not considering the submissions made by the assessee. 3. The appellant prays that the addition made on the above ground should be deleted and order U/s 148 may be set aside." 3. Before me the learned counsel for the assessee stated that he is not pressing ground No. 1. Ground No. 1 is accordingly dismissed as not pressed. 4. Thus, the only grievance of the assessee that survives is that the CIT(A) erred in confirming the addition of Rs. 1,65,077/-. 5. Briefly stated, the facts of the case are that the assessee is an individual deriving income from salary. During the year under consideration the assessee filed return of income on 31.10.2005 declaring total income at Rs. 2,39,858/- which included income from salary at Rs. 76,010/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the delivery of the shares. The AO, in his remand report, finally concluded by saying that the issue may be decided on merits in the light of the statement of oath given by Shri Mukesh Choksi, one of the Directors of the group of broking companies. After considering the remand report and the facts of the case the CIT(A) observed as under: - "Thus, the fact that the assessee has neither taken delivery of the shares purchased through M/s. Goldstaf Finvest Pvt. Ltd. nor has paid for the purchase of these shares at the time of purchase, clearly establishes that these transactions were not genuine, when seen in the background that the Director of this company had in a statement during search, accepted the modus operandi of issuing bogus bill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submissions and carefully perused the orders of the authorities below and the relevant material evidences brought on record before the Bench. It is an undisputed fact that one of the Directors of the group of share broking companies, Shri Mukesh Choksi, in his statement recorded on oath has admitted that his companies were indulging in fraudulent billing activities and in the business of providing bogus profit/loss and capital gains/loss, etc. The statement was given to the Investigation Unit of the I.T. Department. It is also an undisputed fact that through the Investigation Wing the AO came to know that the assessee has taken bogus loss from the said share broking company. The assessee is a salaried employee and nothing has been brought ..... X X X X Extracts X X X X X X X X Extracts X X X X
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