TMI Blog2016 (7) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Essar Oil Ltd. was bogus. There is no clinching material to say that the impugned transaction was bogus. Though a reference has been made to the investigation in the case of Shri Mukesh Chokshi, but no effort has been made by the AO to demonstrate that qua the instant transaction of the assessee, any infirmity has been confessed by Shri Mukesh Chokshi. Be that as it may, assessee has been consistently canvassing before the lower authorities that the statement of Shri Mukesh Chokshi be confronted to him. Find nothing on record to suggest that any specific statement Shri Mukesh Chokshi has been confronted to the assessee. Another addition made by the Assessing Officer which is stated to have been the purchase amount of another scrip of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the assessee on 04/04/2007 and 2500 shares had been purchased on 13/04/2007 through another broker, namely, M/s. Alliance Intermediaries Network Pvt. Ltd. for a total net consideration of ₹ 1,78,580/-. Thus, assessee had declared a long term capital gain of ₹ 7,01,773/- on the sale of said shares of M/s. Essar Oil Ltd. 3.1 The Assessing Officer noted that certain information was received from the Investigation Wing as a consequence of a search and seizure actioncarried out under section 132 of the Act in the case of M/s. Mahasagar Securities Pvt. Ltd. on 25/11/2009. As per such information received, it was noted that there was some companies which were under the control of one Shri Mukesh Chokshi which, inter-alia, inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t note for purchases of shares, bank statement , D-mat account statement, ledger account of M/s. Hem Securities Ltd., ledger account of M/s. Alliance Intermediaries Network Pvt. Ltd., etc. have been placed. On the basis of the aforesaid documents, it was sought to be pointed out that the purchase of shares was in the previous year relevant to the immediately preceding assessment year of 2008-09 and it is further pointed out that the assessment made by the Assessing Officer under section 143(3) r.w.s. 147 of the Act dated 04/02/2014 for assessment year 2008-09 shows that the purchases of the shares has been accepted. A copy of such assessment order has been placed on record, wherein no addition has been made on the ground of any unexplaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Shri Mukesh Chokshi is not relevant in as much as no opportunity to cross-examine him was given to the assessee and nor such statement has been confronted to the assessee at all. In the course of the hearing the Ld. Representative for the assessee relied upon the following decisions:- 1. Mukesh R. Marolia vs. Addl. CIT, (2006) 6 SOT 0247,(Mum) (Trib) 2. CIT vs. Shri Mukesh Ratilal Marolia, ITA 456 of 2007 (Bom) 3. Dalpat Singh Choudhary v. ACIT, (2012) 25 taxmann.com 153 (Jodhpur-Trib) 4. Smt. Smita P. Patil Others, ITA No.1407,1408 1409/PN/2012 order dated 29/07/2013, wherein under identical circumstances, based on the investigations done in the case of Shri Mukesh Chokshi, the additions have been deleted. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n assessment under section 143(3) r.w.s. 147 of the Act dated 04/02/2014 for assessment year 2008-09. The copy of the assessment reflects that no adverse remarks have been made qua the reported purchase of such shares through M/s. Alliance Intermediaries Network Pvt. Ltd. In fact, the balance sheet as on 31/3/2008 shows a credit balance in the account of M/s. Alliance Intermediaries Network Pvt. Ltd. of ₹ 1,78,854/-. Therefore, if on one hand, in the scrutiny assessment for assessment year 2008-09, the Assessing Officer does not challenge the acquisition of shares, it is quite inappropriate to hold such acquisition as bogus in the year when subsequently such shares are sold. In the present case, the D-mat account which evidences t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- is unexplained or from undisclosed sources. Therefore, I set aside the order of the CIT(Appeals) and direct the Assessing Officer to delete the addition of ₹ 8,80,332/-. Thus, on this aspect assessee succeeds. 7. Another addition made by the Assessing Officer is of a sum of ₹ 2,10,998/-, which is stated to have been the purchase amount of another scrip of M/s. Kiri Dyes and Mahar Poly. In this context, the Ld. Representative for the assessee vehemently pointed out that assessee did not purchase any such shares and therefore, there was no question of selling such shares. My attention has been invited to the D-mat statement, which does not reflect any such transaction. 8. I have examined the orders of the authorities belo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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