TMI Blog2016 (7) TMI 1389X X X X Extracts X X X X X X X X Extracts X X X X ..... ciples of natural justice. Further, as submitted by the Ld A.R, the assessing officer has made the impugned additions only on the basis of statement given by Shri Mukesh Choksi. Accordingly, it is of the view that the assessees herein should be provided with adequate opportunity to crossexamine Shri Mukesh Chokashi. Appeal filed by the assessee is treated as allowed for statistical purposes. - I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) has erred by upholding the addition of ₹ 1,44,968 carried out by the AO treating the same as bogus purchases of shares; 4. Under the facts and circumstances of the case and in law the learned CIT(A) has erred by upholding the addition of ₹ 2,900 carried out by the learned AO treating the same as unexplained expenditure. 5. Under the facts and circumstances of the case and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation in this regard, the AO re-opened the assessment of all these assessees for the years under consideration. The AO treated the purchase value of the shares as bogus purchases and assessed the same as income of the assessee. The AO also estimated the expenditure that could have been incurred by the assessees for getting accommodation bills at 2% of the purchase value and assessed the same as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Chokshi. Accordingly, the ld. AR submitted that the AO should not have made the additions by violating the principles of natural justice. Accordingly he prayed that the assessees should be provided with adequate opportunity to cross-examine Shri Mukesh Chokshi. The Ld A.R submitted that the same would help the assessees to support share transactions. 6. The ld. DR did not object to the plea p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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