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Sheetal Pritam Bhatija Versus Income Tax Officer 19 (1) (2) , Mumbai

2015 (7) TMI 1046 - ITAT MUMBAI

Addition on income from other sources - receipt of accommodation entries - Held that:- As found from the record that assessee has neither received any accommodation entry in the form of LTCG nor offered any income under such head. Even in the bank statement the AO did not find any credit entry of ₹ 5,20,215/- to support the contention that assessee was in receipt of cheque of ₹ 5,20,215/- on account of bogus LTCG.

The assessee has also confirmed that she has only one bank .....

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mputer found at the premises of Mahasagar Securities Pvt. Ltd. could not be made the basis of addition in the hands of assessee unless some corroborative evidence is brought on record by AO to substantiate the stand that assessee was in receipt of such bogus entry. Under these circumstances, in the absence of any evidence on record, we do not find any merit in the action of the AO for adding a sum of ₹ 5,20,215/- as bogus LTCG in the hands of the assessee. - Decided in favour of assessee - .....

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amount nor declared the same in its return of income. b) The learned Commissioner of Income Tax (Appeal) erred in accepting the fraudulent claim of Mayur Chokshi and disregarding the assessee's own bank account where there was no credit of such amounts and also not considering the Affidavit-cum-Declaration filed by the Appellant before the learned CIT(A). c) The learned Commissioner of Income Tax (Appeal) also relied upon the fraudulent statement by the director; based on the reliance place .....

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o the learned Income Tax officer, 19 (1) (2) Mumbai, be given for proper relief under the law." 2. Rival contentions have been heard and record perused. Facts in brief are that the AO received information from the DDIT Inv. Unit-1(4), Mumbai that suspicious transactions had taken place in the bank accounts of M/s Mahasagar Securities Pvt. Ltd. and M/s God Star Finvest Pvt. Ltd. and its related companies, whose directors were S / Shri Mukesh M. Choksi and Jayesh K. Sampat, a search and seizu .....

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s, short term/long term capital gain/loss, share application money, commodities profit/ loss on commodity trading (through MCX) and had been continuing this business activity for many years. Further, alongwith the letter containing the above ITA No.69/14 information, the DDIT (Inv.) annexed the list of clients found from the office premises of M/ s. Mahasagar Securities Pvt. Ltd. The name of the assessee also appears as one of the beneficiaries who had entered into security transactions worth &# .....

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G arising out of transactions carried out with the said company cannot be genuine. He also relied on Shri Mukesh Chokshi's answer to question No.4 and 32, where he explained in detail the modus operandi for issue of bills for bogus security transactions. The AO, therefore, came to a finding that the affirmation relating to business by Shri Mukesh Chokshi is an evidence that cannot be ignored, as the same has been recorded is u/s.131 of the Act during the course of search, which clearly shows .....

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hat assessee has not entered into any transaction, nor received any amount on capital gains from any person or director of the company, including Shri Mayur M. Chosksi or M/s. Mahasagar Securities Pvt. Ltd. or Gold Star Finvest Securities Pvt. Ltd.. 5. We have considered rival contentions, carefully gone through the orders of authorities below and found from the record that assessee has neither received any accommodation entry in the form of LTCG nor offered any income under such head. Even in t .....

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ome by way of long term capital gain from Mahasagar Securities Pvt. Ltd., or any of the group companies of Mr. Mayur M. Choksi amounting to ₹ 5,20,215/ - (Rupees Five Lacs Twenty Thousand Two Hundred and fifteen only), which is also evident from the copy of the only savings Bank account held by the assessee in Syndicate Bank being SB Account No.20575 at their Khar (W) Branch, Mumbai and the said Mahasagar Securities Pvt. Ltd. has fraudulently shown ₹ 5.20,215/ - has been paid to the .....

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