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TMI Blog2024 (3) TMI 1149X X X X Extracts X X X X X X X X Extracts X X X X ..... .V. Sreenivasan, Addl.CIT ORDER PER MAHAVIR SINGH, VICE PRESIDENT: This appeal by the assessee is arising out of the order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi in Order No.ITBA/NFAC/S/250/2023- 24/1058090022(1) dated 21.11.2023. The assessment was framed by the Income Tax Officer, National Faceless Assessment Centre, Delhi for the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gain of Rs. 15,38,233/- as accommodation entries. The AO treated this sale consideration on sale of shares as unexplained money u/s. 69A of the Act and added to the returned income of the assessee. The CIT(A) also confirmed the action of the AO. Aggrieved, assessee is in appeal before the Tribunal. 4. We noted that the assessee has purchased 25000 shares of Finalysis Credit and Guarantee Co. Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. The CIT(A) and AO based their decision only on one investigation report o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... channel for purchase and even received sale consideration through banking channel only. The AO could not find any defect in the above but based his decision on assumptions and presumptions. Hence, we have no hesitation in reversing the order of the lower authorities and allowing the appeal of assessee. Therefore, the appeal of the assessee is allowed. 5. In the result, the appeal filed by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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