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2017 (1) TMI 566 - ITAT MUMBAI

2017 (1) TMI 566 - ITAT MUMBAI - TMI - Addition as STCG - bogus accommodation bill - speculating profit or loss on commodity trading - Held that:- CIT(A) concluded that the shares were dematized on 28.07.2004 and concluded that the share might have been purchased around July 2004 and directed the AO to treat the profit on sale of share as STCG. The ld. AR of the assessee has placed on record the copy of share certificate along with certificate of M/s Talent Inforways Ltd. about the transfer of s .....

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assessee for statistical purpose. - ITA No.3006/Mum/2013 - Dated:- 9-11-2016 - SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER For The Appellant: Shri Bhupendra Shah (AR) For The Revenue : Shri Pradeep Kumar Singh (DR) ORDER PER PAWAN SINGH, JM: 1. This appeal u/s 253 of the Income-tax Act is directed by assessee against the order of Ld. Commissioner of Income-tax (Appeals) [for short the CIT(A)] -26 Mumbai dated 28.03.2013 for Assessment Year (AY) 2005-06. 2. Brief fac .....

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₹ 64,44,760/- on sale of share of Talent Inforways Limited, from Alliance Intermediateries & Network Pvt. Ltd., one of the group companies of M/s. Mahasagar Securities Pvt. Ltd., which is run by directors of the companies, Shri Mukesh Choksi and Shri Jayesh K. Sampat. Thus, the notice u/s 148 dated 29.03.2011 after recording the reasons of re-opening was served. The following reasons of re-opening were recorded as under: An intimation has been received in this case, wherein, it is stat .....

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u/s. 143(2) dated 05.07.2011 and notice u/s 142(1) was issued for seeking various details. The assessee filed objection vide Objection dated 02.08.2011 in respect of notice u/s. 148. The Objection of assessee was disposed of and the assessee was again issued notice u/s 142(1) for seeking certain details, the same was not complied, however, assessee again filed Objection u/s 292BB of the Act alleging there that notice u/s 142(1) r.w.s. 147 is bad-in-law. The objection of assessee was not accepted .....

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tion has been received that you are one of the beneficiaries of the accommodation bills/contract notes provided by M/s. Mahasagar Securities Pvt. Ltd. and other group concerns through the directors Shri Mukesh Choksi and Jayesh K. Sampat. You are therefore requested to furnish the folio wings in respect of transactions of shares on which the long term capital gains of ₹ 63/88/051/- have been claimed to be exempted. (i) Demat Account Statement from the date of purchase of shares to the date .....

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cuments. 3. Thus, the AO denied the exemption of ₹ 6,38,805/- claimed u/s 10 of the Act in assessment order passed u/s 143(3) r.w.s. 147 dated 14.12.2011. The assessee filed appeal before the ld. CIT(A) challenging the re-opening u/s 147 and the addition for denying the exemption of LTCG. In appeal, the ld CIT(A) directed the AO that profit on sale of share be treated as STCG. Thus, further aggrieved by the order of ld CIT(A) the assessee filed present appeal before us. 4. We have heard ld .....

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gued that the issue raised in the present appeal is covered by the decision of Mumbai Tribunal in Jafferali K. Rattonsey vs. DCIT [2012] 23 taxmann.com 21 (Mum). The Ld. DR for Revenue argued that during the search and seizure action u/s 132 of the Act at the premises of M/s Mahasagar Securities Pvt. Ltd. (MSPL) on 25.11.2009 regarding suspicious transaction being taken place in the Bank Account of this company and its related companies which were managed by Shri Mukesh Choksi and Jayesh K. Samp .....

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al available on record. We have already noted the conclusion drawn by AO in para 2 above. We further noticed that before ld. CIT(A), a request for filing fresh document was raised. The request of the assessee was accepted and accordingly the documents were referred for the comments of AO. On the basis of remand reports submitted by AO along with his letter dated 18.03.2013, the objection on the ground regarding the reopening was rejected, however, on the grounds of addition of denial of LTCG, it .....

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