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2015 (10) TMI 248 - ITAT MUMBAI

2015 (10) TMI 248 - ITAT MUMBAI - TMI - Addition on Capital gains - AO made the impugned additions solely on the basis of information received from the DDI (Inv.) - Held that:- 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 respecti .....

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s group of companies as per the information available in their computer record which could be corroborated with any other material and further in view of the fact that these assessees have denied the said receipts, we are of the view that the ld CIT(A) was not justified in confirming the additions made by the assessing officer. Tax authorities have taken the view that these assessees have failed to discharge the burden placed upon them, but there should not be any dispute that it would be diffic .....

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ders passed by Ld CIT(A) in their respective hands for the assessment years stated in the cause title. Since the issues urged in all these appeals are identical in nature, they were heard 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 .....

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e and sales from the computers of Shri Mukesh Choksi and his group of companies. It appears that the said details contained the names of the assessees herein. Accordingly, the DDI (Inv.) forwarded those details to the assessing officer of the assessees herein and on the basis of those information, the present assessments have been re-opened by the assessing officer. 4. These assessees submitted before the assessing officer that they have not used the services of Shri Mukesh Choksi and his group .....

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ins claimed to have been received by them as per the information given by DDI, as undisclosed investments u/s 69 of the Act. The Ld CIT(A) also confirmed the same and hence these assessees have filed these appeals before the Tribunal. 5. During the course of hearing, the Ld A.R submitted that the assessing officer has made the impugned additions merely on the basis of information received from DDI (Inv.) without corroborating the same with any other credible material. He submitted that these ass .....

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ly, 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 not justified in assessing the alleged capital gains in the hands of these assessees and the Ld CIT(A) was not justified in confirming the same. The Ld A.R submitted that an identical issue was considered by the Division bench of Mumbai Tribunal in the case of Sheetal Pritam Bhatija (ITA No.69/Mum/2014 dated 22.07.201 .....

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al gains. Accordingly he submitted that the Ld CIT(A) was justified in confirming the addition made by the assessing officer. 7. As submitted by the Ld A.R, an identical issue was considered by the division bench of the Mumbai Tribunal in the case of Sheetal Pritam Bhatija (supra) and the division bench deleted the identical addition with the following observations:- 6. It is clear from the above, that assessee was not in receipt of any accommodation entry either from M/s Mahasagar Securities Pv .....

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he 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 of assessee. Merely entry in computer found at the premises of Ma .....

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t they have not procured the alleged accommodation bills in order to generate bogus capital gains. They have submitted that the Capital gains declared by them relate to the shares purchased and sold through some other brokers. In support of the same, these assessees have furnished relevant broker notes. It is also the contentions of these assessees that the alleged cheques have not been received by them at all and had they received the cheques, they would have disclosed the alleged capital gains .....

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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 a .....

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