9911796707
TMI Blog2018 (1) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... be assessed on a total income of Rs. 49,37,270/- as against Rs. 15,08,818/- returned by the appellant under the facts and circumstances of the case. 3. The learned CIT(A) erred in confirming the addition of Rs. 34,28,455/- as unexplained income under the facts and circumstances of the case. 4. The authorities below failed to appreciate the fact that all the transactions had taken place through proper banking channels and no cash was paid to the brokers/parties from whom the shares were purchased. 5. The authorities below erred in treating the share purchase transactions as sham without proper examination under the facts and circumstances of the case. 6. Without prejudice, the addition made as unexplained cash credits under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e investigation report of Kolkata Investigation Directorate, which was not put forth to the appellant for rebuttal is unacceptable on the facts of the case. Further, the action of the learned CIT(A) in confirming the additions based on such report is not warranted on the facts and circumstances of the case. 12. The assessing officer has not independently applied his mind to the facts of the case and has merely relied upon the general report made by the Kolkata Investigation Directorate which amounts to borrowed satisfaction, which is impermissible in the eyes of the law and therefore needs to be deleted in the interest of equity and justice. 13. The action of the assessing officer in treating all the transactions made with Sunrise Asian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal accordingly restored the matter to the AO with a direction to confront the statement of Mr. Mukesh Choksi to the assessee and thereafter allow him to cross-examine Mr. Mukesh Choksi and the issue may be adjudicated afresh, after affording opportunity of being heard to the assessee. 3. The ld. DR did not dispute these facts. 4. I have carefully examined the order of the lower authorities in the light of the order of the Tribunal on the impugned issue and I find that the impugned issue is squarely covered by the order of the Tribunal in the aforesaid case wherein the Tribunal restored the matter to the AO with certain directions. For the sake of reference, we extract the relevant portion of the order of the Tribunal :- "5. Having care ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Mukesh Choksi to the assessee and allow him to cross-examine Mr. Mukesh Choksi to dig out the truth in this regard. Accordingly, the appeal of assessee is allowed for statistical purposes." 5. Since the Tribunal has taken a particular view in similar set of facts, we find no reason to take a contrary view in this appeal. Accordingly, we set aside the order of the CIT(Appeals) and restore the matter to the AO with a direction to readjudicate the issue afresh in terms of directions issued by the Tribunal in the aforesaid case. Needless to mention here that proper opportunity of being heard should be afforded to the assessee. 6. In the result, appeal by the assessee is allowed for statistical purposes. Pronounced in the open court on thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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