2014 (12) TMI 1280

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..... ) of the Income Tax Act, 1961. In response, it was communicated to the Assessing Officer that no adequate assistance could be given as the entire record of Mahasagar Securities was earlier impounded and was in custody of Income Tax Department. In these circumstances, Shri Mukesh Choksi was not confronted by the assessee. In absence of it, the statement of Shri Mukesh Choksi could have not been use .....

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..... see with Unitech as bogus. Suffice to mention that the shares of Unitech were purchased by the assessee through Mahasagar Securities Private Limited, Mumbai. The finding of bogus transaction by the assessee was given by relying upon the statement made by Shri Mukesh Choksi, Director of Mahasagar Securities Private Limited during the course of a search at the business premises of Mahasagar Securiti .....

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..... ld not have been discarded as bogus. The Tribunal further held that the perception with regard to bogus transaction is erroneous being based on the unconfronted statement of Mr. Mukesh Choksi. We do not find any wrong with the judgment impugned. It is not in dispute that the Assessing Officer treated the transaction bogus solely by relying upon the statement of Mr. Mukesh Choksi, who remaine .....

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