TMI Blog2015 (6) TMI 972X X X X Extracts X X X X X X X X Extracts X X X X ..... to the broker in lieu of cash except a statement which is not in the handwriting of the assessee and which contains numerous details. No action has been taken by the Revenue in treating the purchase to be the bogus. Under these facts and circumstances, is of the view that it is not the case where the addition u/s. 68 of the Act could be made. The assessee duly proved the identity, creditworthiness and genuineness of the broker as well as that assessee received the consideration on the sale of the shares from the broker. I, accordingly set aside the order of CIT(A). - Decided in favour of assessee. - ITA No.500-502/Kol/2013 - - - Dated:- 2-6-2015 - Shri P.K. Bansal, Accountant Member For the Petitioner : Shri S.K.Tulsiyan, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ains (LTCG for short) on sale of penny stocks of unknown companies. From the seized documents, it was observed that Shri Shyamsukha had helped including the assessee in converting their cash into cheque by way of sale and purchase of shares of CFML and Swastik Securities and Finance Ltd. A statement u/s. 132(4) of Shri Narendra Shyamsukha was recorded in which he stated about these pages that these papers contained details of bogus LTCG taken by the persons mentioned therein. The seized papers contained the names of the person in respect of the transactions of ₹1,49,50,000/-. He further stated that he was acting as intermediary to facilitate the bogus transactions and in turn, he had earned @ 1% commission of the amount of LTCG. The c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the account payee cheque through the broker Ahilya Commercial Pvt. Ltd. It is not the case that the shares were bought or sold through cash. The statement of Broker CMFL was also recorded but he denied that he knows Shri Narendra Kumar Shyamsukha. The presumption available u/s.292C of the Act relied on by the Ld. DR are available against the person in whose possession the books of account other documents etc., were found. The presumption is not available against the third party and transactions are through Demat account. The assessee filed all the documents and these purchases were made by the assessee through account payee cheque have not been doubted by the Revenue. The action u/s. 68 of the Act has been taken on the basis of the statemen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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