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TMI Blog2010 (4) TMI 1029X X X X Extracts X X X X X X X X Extracts X X X X ..... so dismissed. 3. In grounds of appeal No. 2 the assessee has challenged the order of the CIT(A) in sustaining the addition of Rs. 4 lakhs out of Rs. 5 lakhs added by the Assessing Officer as unexplained/unaccounted expenditure on marriage. 4. Facts of the case, in brief, are that the assessee had claimed receipt of gifts from relatives and friends on the occasion of his marriage. The Assessing Officer asked the assessee to provide the details of the expenses incurred on his marriage ceremony. It was submitted by the assessee that he has no idea of the expenditure incurred on account of marriage, marriage function and entertainment of the guests since these were borne by his relatives and his friends only. On being questioned by the Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the assessee that the addition is unwarranted since the assessee lost his father at the age of 14 and was leading a simple life style and the expenditure was incurred by his uncle. However, the learned counsel for the assessee was unable to provide the details of the uncle along with his source of income and amount of expenditure incurred by him for the marriage ceremony of the assessee. Under these circumstances, it cannot be said that the assessee had not incurred any expenditure. However, considering the totality of the facts of the case, we are of the considered opinion that the addition of Rs. 4 lakhs appears to be on the higher side especially when the Department has no information as to the number of persons who attended the func ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further noted that the brokers and Mr. Choksi facilitated a number of parties by way of issuing bogus capital gain bills. This fact has been admitted by Mr. Choksi vide his statement dated 26th April, 2002 wherein he stated that he has issued bogus bills of share transactions and charged the commission accordingly. He had stated that the parties used to pay him cash equivalent to the bill amount and received cheque from the broker companies. The cheque/demand draft were issued by the bank account maintained in the name of the above mentioned broker companies. The Assessing Officer confronted the above to the assessee and also provided a copy of the statement of Mr. Mukesh Choksi, of M/s. Gold Star Finvest Pvt. Ltd. However, not being satis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hares were duly purchased and sold by the assessee fulfilling the conditions for eligibility of deduction u/s. 54F. Therefore, the same should be allowed. 6. The learned DR, on the other hand, strongly relied on the order of the CIT(A) and the Assessing Officer. He submitted that the statement of Mr. Choksi clearly shows that he was engaged in giving fake bills of share transactions on commission basis. Since the assessee has sold his shares through the company owned by Mr. Choksi, therefore, the transaction has to be treated as bogus and the CIT(A) was justified in upholding the action of the Assessing Officer. 6.1 We have considered the rival submissions made by both the sides, perused the orders of the Assessing Officer and the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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