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TMI Blog2024 (6) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... done for verification purpose only for making fishing and roving inquiries. 3. Ld. NFAC erred in law and on facts in confirming addition of Rs.38,29,680/- made by AO by invoking Section 69A of the Act ignoring documentary evidence. 4. Ld. NFAC erred in law and on facts in confirming addition ignoring fact that the material relied on by AO was not provided and thus violated the principle of natural justice. 5. Both lower authorities erred in law and on facts in passing orders without providing statement of the person relied on and consequent cross examination. 6. Charging of interest u/s. 234A, 234B, 234C and 234D is not justified. 7. Initiation of penalty under Section 271(1)(c) is not justified." 3. The assessee filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.420/- per share through broker M/s Anand Rathi Shares & Stock Brokers Limited through the platform of BSE and an amount of Rs.37,24,760/- was claimed exempt under Section 10(38) of the Act. The Assessing Officer observed that the BSC India has suspended the trading in shares of Turbotech Engineering Limited on 06.01.2015 when the price of share was Rs.1.85 per share. The Assessing Officer further observed that pricing and trading trend of share of Turbotech Engineering Limited extracted from the data of BSE for the period from 28.11.2011 to 06.01.2015 was abnormal rise and fall in the price and volumes. After taking cognisance of the assessee's submissions, the Assessing Officer made addition of Rs.38,29,680/- as unexplained money under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... com 330 3 Swati Luthra, 6480/Del/2017, Delhi 4. Simi Verma, 3387/Del/2018, Delhi 5. Hakimuddin Khambati, 288/Ind/2019, Indore 6. Radheyshyam Khandelwal, 7/Ind/2019, Indore 7. Ridhi Bagaria, 76/CTK/2023, Cuttack 8. Priyanka Agrawal, 406/PAN/2018, Panaji 9. Parasben Kasturchand Kochar, 204 of 2020, Gujarat 10 Sunita Khemka, 389/Del/2018, Delhi 11 Gokuldham Enterprise LLP, 675/Ahd/2018, Ahmedabad 12 Ambalal Chimanlal Patel, 2398/Ahd/2018, Ahmedabad 13. Bimala Devi Singhania, 212/CTK/2019, Cuttack 14. Rajnikant Prabhudas Mandavia, 401/Ahd/2019, Ahmedabad 15 Hiteshkumar Bindal, 351/Ind/2022, Indore 16. Nitish Rameshchandra Shah, 1116/Mum/2022, Mumbai 17. Avani Ajay Palan, 542/Ahd/2022, Ahmedabad 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the shares offline at Rs.5/- per share (900 shares). Thus, in total the assessee purchased the shares for only Rs.45,000/-. The assessee purchased these shares through private placement with Vijay Bhagwandas & Co. Contract note was not produced related to Vijay Bhagwandas & Co. but the evidences related to transfer of shares through Vijay Bhagwandas & Co. who was share trading stock broker registered under SEBI was given by the assessee before the Assessing Officer. The assessee paid the amount for purchase of these shares through cheque and the certificate of the said shares were also taken on record. But at the same time, while selling of the said shares in the month of July 2013 prior to month of the said selling the assessee has conver ..... X X X X Extracts X X X X X X X X Extracts X X X X
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