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TMI Blog2017 (9) TMI 1104X X X X Extracts X X X X X X X X Extracts X X X X ..... the department confirming the order of CIT(A). 3. This Court while admitting the Income Tax Appeal No.385/2011 on 14.03.2012 has framed following substantial question of law: "Whether the Tribunal as well as CIT(A) were justified in deleting the addition of Rs. 98,56,872/- made by the Assessing Officer on account of bogus share transaction, which were nearly accommodation entries, made through one Shri P.K. Agarwal, who was found to be an entry provider, ignoring that the assessee in her deposition during survey specifically denying having made any share transactions in last 5 years" 4. This Court also while admitting the Income Tax Appeal No.603/2011 on 03.07.2013 has framed following substantial question of law: "Whether on the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jewellers, Telipada of which assessee is 50% partner, on 21st and 22nd of January, 2008, during which various incriminating documents were found and impounded wherein several unaccounted transaction were recorded. Reassessment proceedings were initiated by issuing notice under Section 147 R/W 148 of the Act. Vide Show Cause Notice the assessee was specifically asked as to why the amount of Rs. 98,56,872/- should not be treated as an accommodation entry. 8. The assessee submitted reply to the Show Cause Notice contending therein that the share transactions are genuine and the 'Short Term Capital Gain' of Rs. 98,56,872/- has been earned from the purchases and sales of shares of Konark Commercial Ltd. And Limtux Investment Ltd. Investigation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actions in shares. However, subsequently the facts came on record that the appellant had transacted not only in the shares which are disputed but shares of various other companies like Satyam Computers, HCL, IPCL, BPCL and Tata Tea etc. Regarding the transactions in question various details like copy of contract note regarding purchase and sale of shares of Limtex and Konark Commerce & Ind. Ltd., assessee's account with P.K. Agarwal & co. share broker, company's master details from registrar of companies, Kolkata were filed. Copy of depository a/c or demat account with Alankrit Assignment Ltd., a subsidiary of NSDL was also filed which shows that the transactions were made through demat a/c. When the relevant documents are available the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... objections raised by the appellant during the assessment proceedings. Simply mentioning that these findings are in the appraisal report and appraisal report is made by the Investing Wing after considering all thematerial facts available on record does not help much. The AO has failed to prove through any independent inquiry or relying on some material that the transactions made by the appellant through share broker P.K. Agarwal were non-genuine or there was any adverse mention about the transaction in question in statement of Sh. Pawan Purohi. Simply because in the sham transactions bank a/c were opened with HDFC bank and the appellant has also received short term capital gain in his account with HDFC bank does not establish that the trans ..... X X X X Extracts X X X X X X X X Extracts X X X X
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