TMI Blog2024 (3) TMI 1149X X X X Extracts X X X X X X X X Extracts X X X X ..... t in assessee s credit note or the shares entered into demat account or the amount paid for purchase of these shares and held these shares in Demat account for more than one year. The AO and CIT(A) both noted only that these are accommodation entries as observed from investigation proceedings, statement recorded from various operators, promoters and related persons, wherein they admitted how the unaccounted money of the beneficiaries get into the books of accounts of various assessee s in the grab of long term capital gain. CIT(A) and AO based their decision only on one investigation report of investigation wing of income-tax department, which does not contain the name of the assessee. Both the parties below also noticed, sharp jump and sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Faceless Assessment Centre, Delhi for the assessment year 2013-14 u/s. 147 r.w.s. 144B of the Income Tax Act, 1961 (hereinafter the Act ) vide order dated 29.03.2022. 2. The only issue in this appeal of assessee is against the order of CIT(A) in holding that the transactions in shares, penny stock are fraudulent and accommodation entries. 3. Brief facts are that the assessee is an individual and filed his return of income for the assessment year 2013-14 on 29.03.2014. Subsequently, the assessee s case was reopened u/s. 148 of the Act dated 29.03.2021. Accordingly, assessment was completed u/s. 147 r.w.s 144B of the Act dated 29.03.2022 wherein the AO on analyzing the financials of the company, whose shares were purchased by assessee i.e., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ney of the beneficiaries get into the books of accounts of various assessee s in the grab of long term capital gain. The CIT(A) and AO based their decision only on one investigation report of investigation wing of income-tax department, which does not contain the name of the assessee. Both the parties below also noticed, sharp jump and sharp decline in price, wherein it was noted that the share price of Finalysis Credit and Guarantee Co. Ltd., arose from Rs. 7 in March, 2012 to Rs. 180 in March, 2013 and thereafter dipped to Rs. 5 in October, 2013, in a period between 18 months only. We noted that all these are presumptions of the AO and CIT(A) and AO has nowhere pointed out any defects in the documents furnished by the assessee. Admittedly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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