Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2012 (12) TMI 1109 - ITAT MUMBAI

2012 (12) TMI 1109 - ITAT MUMBAI - TMI - ITA No.6416 and 6417/Mum/2012 - Dated:- 7-12-2012 - SHRI R.K. GUPTA, JM. Assessee by: Mr. K. Goptal and Mr. Satender Pandey Revenue by: Mr. Mohit Jain ORDER These two appeals have been preferred by the two different assessees against the order of leaned 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 con .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

st provided by Mr. Narender Shah, the names of the assessees were also appearing. Therefore, the Assessing Officer issued notice under Sections 147/148 to the assessees for filing their returns. Returns were filed. Thereafter the Assessing Officer found that both the assessees indulged in acquiring shares of M/s Osian LPG Bottling Limited for ₹ 63,000/- and ₹ 52,500/-, respectively. The assessees were asked to explain the source. It was explained that the assessees have earned specul .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

essment as well as addition made on merit were challenged. Learned CIT(A) was not satisfied with the explanation of the assessee. Accordingly, he dismissed the appeal of the assessees. Now, both the assessees are in appeal here before the Tribunal. 5. Learned counsel of the assessees has vehemently argued that there was no material on which basis the assessment was reopened. The AO has not provided copy of the reasons, however, they were provided by the learned CIT(A) and merely on suspicion, th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

efore, this is not a case of undisclosed investment. 7. The attention of the Bench was drawn on copies of the share broker through whom shares were purchased, which are placed in the paper book at pages 15 to 24. It was also explained that neither copy of statement of Shri Narendra R. Shah was provided to the assessee nor the assessees were allowed for cross-examination. Therefore, the addition made by the Assessing Officer was without any basis. Reliance was placed on the decision of Hon'bl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version