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2012 (12) TMI 1109

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..... ned CIT(A)-32, Mumbai relating to the assessment year 2005-06. 2. Since, the common issue is involved in both these appeals, therefore, they are disposed of by a single order. 3. The first issue is against confirmation of addition of ₹ 63,000/- and ₹ 52,500/- made by the Assessing Officer under Section 69 respectively in both these cases. On receiving some information from depart .....

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..... e earned speculative profit from some brokers through whom shares were purchased and mostly were settled and, therefore, there is no undisclosed investments by these persons, however, the Assessing Officer was not satisfied. Accordingly, he made addition of ₹ 63,000/- and ₹ 52,500/- in the hands of these two assessees respectively. 4. Being aggrieved with the action of the Assessing .....

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..... M/s Abhijai Investment and they have received the sale certificate. Copies of the same are placed on record. Those shares were transferred in the name of these two assessees. There was a credit balance in respect of both these assessees with M/s Abhijai Investment and the same was adjusted against purchase of shares, therefore, this is not a case of undisclosed investment. 7. The attention of .....

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..... he lower authorities. Neither copy of statement of Shri Narendra R. Shah was provided to the both the assessees nor the assessees were allowed for cross-examine the person on the basis of whose statement the adverse inference was drawn against these assessees. The shares were purchased through independent share brokers. Copy of their accounts is placed on record. The share certificates were issued .....

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