9911796707
TMI Blog2015 (10) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... d together and are being disposed of by this common order, for the sake of convenience. 2. In all these appeals, the assessees are assailing the decision of Ld CIT(A) in confirming the assessment of alleged Capital gains earned by each of them. 3. I heard the parties and perused the record. The facts relating to the issue under consideration are that the revenue carried out search and seizure operations in the hands of Mukesh Choksi and group of companies. It is stated that search officials recorded statement from Shri Mukesh Choksi, wherein he admitted that he and his group of companies were engaged in giving accommodation bills to various persons for purchase and sale of shares, which would result in generation of bogus capital gains. H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same with any other credible material. He submitted that these assessees have not procured the alleged accommodation bills for share transactions and hence they did not offer any such income in their respective return of income. He further submitted that the bank accounts of these assessees do not disclose transactions relating to alleged purchase and sale. He submitted that these assessees have not received the shares or money. Further, there is no evidence to show that these assessees have made any investment out of the alleged bogus capital gains. Accordingly, the Ld A.R submitted that the question of assessing the non-existent income or non-existent asset does not arise at all. Accordingly he submitted that the assessing officer was n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... que of Rs. 5,20,215/- as an accommodation entry. We had also verified the balance sheet of the assessee filed before the lower authorities as well as bank statement placed on record, wherein there is no credit entry of Rs. 5,20,215/-. The assessee has also confirmed that she has only one bank account. Merely on the plea that computer of M/s Mahasagar Securities Pvt Ltd indicated issue of accommodation entry in the name of assessee, the amount cannot be added in the hands of the assessee, unless AO brings on the record cogent evidence to show that amount was actually received by assessee or credited in her bank account. It is also not the case of AO that Bank account of Mahasagar Securities Pvt Ltd indicates any issue of cheque in the name o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken steps to ascertain the details of cheques, the manner of encashment of the same, the bank accounts through which the alleged cheques were encashed etc., in order to ascertain the trail of movement of cheques in order to find out as to whether these assessees have been benefited or not. The contentions of the assessee that they have not received the cheques have not been disproved by the assessing officer. It is not understandable as to how the assessing officer could assess the alleged bogus capital gains in the hands of these assessees, when these assessees have not disclosed the same in their respective books of accounts or in the income tax returns. Though there is a possibility that these assessees might have encashed the allege ..... X X X X Extracts X X X X X X X X Extracts X X X X
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