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Mrs. Hetal K. Vasa and Mrs. Hansa H. Vasa Versus ITO Ward 21 (1) (3) , Mumbai

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 lea .....

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and ₹ 52,500/- made by the Assessing Officer under Section 69 respectively in both these cases. On receiving some information from departmental authority that one Shri Narendra R. Shah, who had admitted to be running hawala racket and provided .....

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es 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 a .....

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om 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 han .....

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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 ve .....

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merit, learned AR stated that they did not have any link with Mr. Narender R. Shah. Both these assessees have purchased shares through M/s Abhijai Investment and they have received the sale certificate. Copies of the same are placed on record. Those .....

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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 .....

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d Chellaram Vs. CIT, 125 ITR 713. 8. Learned DR has strongly placed reliance on the order of the CIT(A) as well as the Assessing Officer. 9. After considering the orders of the authorities below and the submissions of parties, I found that both the a .....

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