TMI Blog2015 (10) TMI 2725X X X X Extracts X X X X X X X X Extracts X X X X ..... 87, 4188, 4196, 4197, 4198/Mum/2015 - - - Dated:- 7-10-2015 - Shri D.Manmohan (VP) Assessee by : None Department by : Shri K. Ravikiran ORDER These appeals are filed by different assessees against the respective orders of learned CIT(A), Mumbai. 2. Since common issues are involved in these appeals, I proceed to dispose of the appeals by this combined order for the sake of convenience. 3. As could be noticed from the order-sheet these appeals were posted for hearing from time-to-time but none-appeared on behalf of the assessees despite issuance of notice by RPAD. Even learned Departmental Representative was not able to furnish the requisite information and therefore the case was further adjourned and finally pos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ksi, who was engaged in fraudulent billing activities and in the business of providing bogus speculation profit/loss, short term/long term capital gain etc. The statement of Mr. Mukesh Choksi and other details of the modus operandi of the group were also placed on record. From the details of the beneficiaries of the above share scam the Assessing Officer was of the opinion that the assessee-herein i.e. Mr. Sanjay Ashok Jain had taken entries of bogus shares transaction billing from the above mentioned company for the year under consideration (i.e. A.Y. 2007-08) to the tune of ₹ 2,78,660/-. Similarly for A.Y. 2008-09 the Assessing Officer was of the opinion that the assessee had obtained/availed accommodation entries to the tune of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited were purchased in A.Y. 2007-08 as well as in A.Y. 2009-10, and the shares mentioned by the Assessing Officer were not purchased. 7. The Assessing Officer observed that any transaction required information such as PAN, name and address of the party etc., whereas assessee merely obtained accommodation entries. He also extracted the statement of Mr. Mukesh Choksi to state that Mr. Sanjay Jain has taken entries of bogus share transactions billing for the years under consideration. He accordingly added the impugned sums as undisclosed investment u/s. 69 of the Act. 8. On an appeal learned CIT(A) observed that the assessee alongwith six other family members have obtained benefit from Mr. Mukesh Choksi in obtaining bogus bills; Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ITA No. 5068/Mum/2009 dated 25.1.2012) iii) Ms. Sheila Narvekar (ITA No. 777/Mum/2004 dated 28.5.2014) 11. However, the case of learned Departmental Representative is that no material was placed before the Tribunal to contradict the findings of learned CIT(A). In fact the BSE and NSE registration of M/s. Allance Intermediaries Ltd. Network was cancelled on 19.2.2004 and therefore these entities are not authorised to enter into any kind of shares transaction which proves that the assessees were carrying on bogus shares trading activities. It was also contended that the assessee s self generated evidence cannot be relied upon without furnishing any material to contradict the findings of learned CIT(A). 12. I have carefully consid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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