TMI Blog2023 (5) TMI 945X X X X Extracts X X X X X X X X Extracts X X X X ..... l the evidences such as bank statement before the authorities below who have instead of making the addition on the right hands simply added it in the hands of the present assessee was added to the income of the assessee u/s 68 which his incorrect and cannot be sustained. Accordingly we set aside the order of Ld. CIT(A) and direct the AO to delete the addition - Appeal of the assessee is allowed. - I.T.A. No. 70/Kol/2023 - - - Dated:- 26-4-2023 - Shri Rajesh Kumar , Accountant Member And Shri Sonjoy Sarma , Judicial Member For the Appellant : Shri Miraj D Shah , A. R For the Respondent : Smt. Ranu Biswas , Addl. CIT DR ORDER Per Rajesh Kumar , AM : This is the appeal preferred by the assessee against the or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22 online. The AO noted that cash was deposited in the account of M/s Patra Bastralaya and thereafter transferred to Santosh Agency Rs. 6,00,000/- on 8.6.2010 and Rs. 5,00,000/- on 14.06.2010 and thereafter Santosh Agency immediately transferred on 14.06.2010 of Rs. 27,00,000/- to the assessee. The assessee stated before the AO that during the year the assessee has sold 2700 equity shares on 14.06.2010 of M/s Parichay Suppliers Pvt. Ltd. @ Rs. 1000/- each and also filed sale bill dated 5.4.2010 evidencing the sale of shares and hence the assessee has received payments from the said firm as consideration for sale of equity shares. It was also stated that the shares were acquired in the earlier year at the same price and represented brought f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of Rs.11,00,000/- is transferred to the assessee account from M/s Patra Bastralaya through M/s Santosh Agents. To confirm creditworthiness and genuineness of the transaction notice 142(1) sent to the appellant, neither there any compliance not has any adjournment petition been lifted from assessee s end. Thereafter, the final show cause u/s 144 sent to assessee. In response to the show cause notice the assessee clearly stated that the no such transactions made with M/s Patra Bastralaya. Further, verification for creditworthiness and genuineness of the transaction of Rs. 11,00,000/- made with M/s Patra Bastralaya hearing notice sent on 07.10.2022, in response to the notice the appellant has failed to produce books of accounts and bank s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as received through banking channel. We also note that M/s Patra Bastralaya transferred Rs. 11,00,000/- in the account of Santosh Agency before the said firm remitted the money into the assessee s account. The AO added only Rs. 11,00,000/- to the income of the assessee doubting and stating the same to be unexplained whereas the issue before us is whether the addition could be made in the hands of present assessee qua the money deposited in the account of the buyer by the third party. After analyzing the records before us and taking into account the arguments by both sides , we find that addition if at all is to be made that could have been made in the hands of Santosh Agency who received Rs. 11,00,000/- from M/s Patra Bastralaya . We note t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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