TMI Blog2015 (5) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... investigation wing, it was noted that the assessee also had made sales and purchases of shares of M/s Buniyad Chemicals Ltd through M/s. Gold Star Finvest P.Ltd which had provided the accommodation entries. M/s Buniyad Chemicals Ltd as well as M/ s. Gold Star Finvest P.Ltd were floated by Mukesh Chokshi only. Since it was admitted by Mukesh Chokshi that he was providing accommodation entries only through its various companies, accordingly a notice u/s. 148 was issued after recording the reasons. Thus AO was having sufficient reasons to believe that there was an escapement of income, accordingly, he was justified in reopening the assessment u/s.147 of the Act - Decided against assessee. Ingenuine transactions - bogus accommodation bills ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the grounds of appeal, assessee is aggrieved for reopening of assessment u/s.147 as well as for merit of the addition made on account of income from undisclosed sources. 3. Rival contentions have been heard and record perused. There was a search undertaken in the case of M/s Mahasagar Securities P.Ltd. and its group companies including M/s.Gold Star Finvest P.Ltd. on 25.11.2009. A statement of Shri Mukesh Chokshi, Director of M/ s. Mahasagar Securities P.Ltd. was recorded during the search wherein Mukesh Chokshi had explained in detail the modus of 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. Further enquiries ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t mode of trading on the Ahmedabad Stock Exchange as a consequence of which, the assessee converted the entire physically held 15000 shares into a dematerialized form from 27th December 2001 through IL FS Securities Services Limited. Subsequently assessee sold the entire 15,000 shares of the said company during 5th February 2003 to 26th February 2003 for a sale consideration totaling to ₹ 13,13,256/-. The Assessing Officer has made additions of ₹ 13,13,256/- to the total income of the assessee by treating the entire sale consideration of the shares of Buniyad Chemicals as an income from Undisclosed source. We found that the assessee had submitted a copy of the Share Certificate, during the course of assessment proceedings. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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