TMI Blog2012 (12) TMI 966X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Chokshi has issued a general statement and it cannot be applied in each and every case, there was no direct evidence against that assessee. Accordingly, the amount of addition made in that case was deleted by the Tribunal. Here facts are similar. Neither the statement of Mukesh Chokshi was provided to the assessee nor there was any cross examination of Mukesh Chokshi, whereas contrary to that the assessee has filed all the details required for providing for purchase of shares were genuine. It is not a case of the department, whatever the consideration was paid by the assessee through cheque for purchasing of shares have come back to the assessee under the garb of bogus purchases as there is no evidence against the assessee. Keeping in mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h and seizure was undertaken under Section 132 in the case of M/s Mahasagar Securities Pvt. Limited and its group companies including Gold Star Finvest Pvt. Limited. The statement of Shri Mukesh Chokshi, Director of M/s Mahasagar Securities Pvt. Limited was recorded during the search, wherein Mr. Mukesh Chokshi had explained in detail that the modus operation of the accommodation entries racket being run by him by floating some 34 companies and admitted to be in business of providing the bogus accommodation entries. On the basis of the details obtained during the search by the investigation wing, it was noted that the assessee also had made sales and purchases of shares of M/s Buniyad Chemicals Limited through M/s Gold Star Finvest Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for proving the gift as genuine. Therefore, the addition was made by the AO. Learned CIT(A) also confirmed the action of the AO. Now, the assessee is in appeal here before the Tribunal. 5. The contention raised before the authorities below, are reiterated here before the Tribunal. It was submitted that the share of Buniyad Chemicals Limited were purchased through M/s Gold Star and the payment has been made through proper banking channel. Certificate of the share broker was received. Copy of the same is placed at page 10 to 11 of the paper book. The transactions in respect to purchase of share were credited to the Demat account of the assessee. The share certificates were also received. Copy of the same is placed in the paper book as Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an be said that the transaction entered by the assessee was not genuine. It is further noticed that in case of Kataria Ketan Ishwarlal (supra), the additions were made on the basis of statement of Shri Mukesh Chokshi. The Tribunal by noting that Mr. Chokshi has issued a general statement and it cannot be applied in each and every case, there was no direct evidence against that assessee. Accordingly, the amount of addition made in that case was deleted by the Tribunal. Here facts are similar. Neither the statement of Mukesh Chokshi was provided to the assessee nor there was any cross examination of Mukesh Chokshi, whereas contrary to that the assessee has filed all the details required for providing for purchase of shares were genuine. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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