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Commissioner of Income Tax-I, Jaipur Versus Smt. Pooja Agarwal, Shir Jitendra Kumar Agarwal, P/o M/s Garg Jewellers

2017 (9) TMI 1104 - RAJASTHAN HIGH COURT

Undisclosed investment - iniquity of capital gain - non-genuine transaction - Held that:- AO has failed to counter the 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 the material 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 .....

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rwal cannot be held as non-genuine. Consequently denying the claim of short term capital gain made by the appellant before the AO is not approved. The AO is therefore, directed to accept claim of short term capital gain as shown by the appellant - Decided in favour of the assessee - D. B. Income Tax Appeal No. 385 / 2011, D. B. Income Tax Appeal No. 603 / 2011 - Dated:- 11-9-2017 - K. S. Jhaveri And Vijay Kumar Vyas, JJ. For the Appellant : Mr. Anuroop Singhi with Mr. Aditya Vijay For the Respon .....

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l as CIT(A) were justified in deleting the addition of ₹ 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 subst .....

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wever, subsequent to application which was moved by the Department, it was further amended by order dated 29.08.2017. 1.Whether the Tribunal was justified in confirming the deletion of ₹ 1,06,34,000/- which made by the Assessing Officer on account of undisclosed investment of the assessee, without giving any finding in respect of the same? 2.Whether the Tribunal as well as CIT(A) were justified in not confirming the addition of ₹ 1,06,34,000/- ignoring that the said entries were mere .....

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ucted as the business premises of M/s Royal 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 ₹ 98,56,872/- should not be treated as an accommodation e .....

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by the Investigation Wing, Jaipur in the case of B.C.Purohit Group. 9. It is pertinent to note that during the survey operation, it was admitted by the assessee that no investment in shares was made by him during the said period. It was further found that the company M/s Konark Commercial Ltd. Was never listed in Calcutta Stock Exchange and the assessee was never its shareholder. 10. After considering the entire factual matrix the Assessing Officer held that the assessee had arranged the said a .....

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ns, the addition made was deleted by the Tribunal observing as under:- Contention of the AR is considered. One of the main reasons for not accepting the genuineness of the transactions declared by the appellant that at the time of survey the appellant in his statement denied having made any transactions 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, .....

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a/c. When the relevant documents are available the fact of transactions entered into cannot be denied simply on the ground that in his statement the appellant denied having made any transactions in shares. The payments and receipts are made through a/c payee cheques and the transactions are routed through Kolkata Stock Exchange. There is no evidence that the cash has gone back in appellants s account. Prima facie the transaction which are supported by documents appear to be genuine transactions .....

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