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Mr. Ashok Kumar Gupta, Mrs. Amita Gupta Versus Dy. Commissioner of Income Tax

2015 (6) TMI 972 - ITAT KOLKATA

Addition made u/s 68 - sale consideration received by the assessee on the sale of the shares of M/s Continental Fiscal Management Limited - Held that:- 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 statement of the third party. During the course of search at the premises of Shri Narendra Kumar Shyamsukha no iota of evidence was f .....

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he 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 For the Respondent : Smt. Madhumalati Ghosh, JCIT, SR-DR ORDER Since all these three appeals filed by the respective assessee in all t .....

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the sale of the shares of M/s Continental Fiscal Management Limited (CFML for short). Both the parties agreed that all these appeals be disposed of on the basis of the facts involved in the case of Shri Ashok Kumar Gupta in ITA No. 501/Kol/2013. I, therefore dispose of all the three appeals on the basis of facts involved in the case of Shri Ashok Kumar Gupta. 4. Brief facts are that assessment in the case of all the assessee were re-opened by issuing the notice u/s 148 of the Act for reason that .....

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ssessee 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 th .....

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on these papers when enquired of the assessee, the assessee stated that he did not know by the person of Sri Narendra Shyamsukha, the broker, through whom transaction of purchase and sale was conducted the knowing Sri Narendra Shyamsukha but the AO was of the view that the transaction appearing on the seized papers exactly tallied with the details of the LTCG returned by all the assessee. The AO therefore made the addition u/s 68 of the Act in respect of sale consideration received by the respe .....

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