TMI Blog2018 (10) TMI 2023X X X X Extracts X X X X X X X X Extracts X X X X ..... c to any assessee. The assessee was not confronted with any statement or material alleged to be the basis of the report of the Investigation Wing of the department and which were the basis on which conclusion were drawn against the assessee. Copy of the report was also not given. Under the circumstances, in a number of cases this bench of the Tribunal has consistently held that decision in all such cases should be based on evidence and not on generalisation, human probabilities, suspicion, conjectures and surmises. Assessee submits that there is no surviving order of SEBI against the assessee or the company, the script of which was purchased and sold by the assessee. When there is no surviving adverse order of SEBI, disputing the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstantial evidence and human probabilities to uphold the findings of the AO. He also relied on the so called rules of suspicious transaction . No direct material was found to controvert the evidence filed by the assessee, in support of the genuineness of the transactions. In other words, the overwhelming evidence filed by the assessee remains unchallenged and uncontroverted. The entire conclusions drawn by the revenue authorities, are based on a common report of the Director of Investigation, Kolkata, which was general in nature and not specific to any assessee. The assessee was not confronted with any statement or material alleged to be the basis of the report of the Investigation Wing of the department and which were the basis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. 2281/Kol/2017 ITAT - Kolkata Navneet Agarwal, Legal Heir of Late Kiran Agarwal vs ITO,Ward 35(3),Calcutta 20.07.2018 5. I am bound by the proposition of law laid down in this case law. They are squarely applicable to the facts of the case. The ld. Departmental Representative, though not leaving his ground, could not controvert the claim of the ld. Counsel for the assessee that the issue in question is covered by the above cited decisions of the Hon ble High Courts and the ITAT. 6. The ld. Departmental Representative relied on the judgment of the Hon ble Supreme Court in the case of Securities and Exchange Board of India vs Rakhi Trading Private Ltd in Civ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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