9911796707
TMI Blog2024 (7) TMI 1227X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2016, passed by the Income Tax Officer, Ward 31(1)(2), Mumbai, was dismissed. Therefore, the assessee is aggrieved and is in appeal before us. 02. The assessee has raised following grounds of appeal:- "1. On the facts and circumstances of the case and in law the Ld. Commissioner of Income Tax (Appeals) has erred in deciding the appeal ex-parte in view of the fact that no notice was received by the appellant for hearing of appeal. 2. On the facts and circumstances of the case and in law the Ld. Commissioner of Income Tax (Appeals) has erred in dismissing the appeal and confirming addition of Rs. 4,16,36,800 as unexplained cash credit under section. 68 of the IT, Act, 1961 ignoring the admitted fact on record and categorical finding of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the capital loss of Rs 25,752 on sale of shares of Sunrise Asian Ltd. 6. The appellant craves leave to alter, amend, modify or substitute any ground/grounds and to add any new ground or grounds on or before the appeal is disposed off." 03. Brief facts of the case shows that assessee is an individual who filed his return of income on 28th July, 2014, declaring total income of Rs. 2,07,210/-. The return was picked up for scrutiny. The brother of the assessee and Authorized Representative represented the case. The income of the assessee is commission income and income from other sources. It was found that the assessee has purchased 84,800 shares of Sunrise Asian Limited and out of that assessee has sold 13,888 shares during the year. These ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued to the assessee on 20th October 2016. The assessee did not appear. Second summons was also issued under Section 131 of the Act on 7th November, 2016, which was attended by assessee on 23rd November, 2016, and his statement was recorded. He admitted that all these transactions are managed by Mr. Kamlesh Sanghvi and the assessee has merely received commission income. He further stated that he is not aware about company, whose shares he has purchased or transacted. He also stated that no books of accounts are maintained by him. Subsequently, the show cause notice was issued under Section 142(1) of the Act, as to why unexplained investment of Rs. 2,48,88,704/- on purchase of 70,912 shares of Sunrise Asian Limited should not be treated a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r hearing on 2nd July, 2024, wherein Mr. Ketan Vajani and associates on behalf of the assessee, it was adjourned today. Today also there was a request for adjournment. Ld AR was asked that it is complete non compliance before lower authorities and therefore it needs to be restored to the lower authorities only in terms of ground no 1 of the appeal. Ld AR agreed with the same. Therefore, Ms pawar was heard and adjournment requested was rejected. 06. Ld DR submits that assessee is claiming him to be an exit provider in case of one penny stock company Sunrise Asian Limited in which Mr. Vipul Vidhur Bhatt and his accomplices provided exit to several beneficiaries for earning bogus long term capital gain. Assessee has also named one Mr. Kamlesh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the brokers on stock exchange how did they make transaction on behalf of this person and to whom did they provided exit , [3] from Demat agencies in whose demat accounts such shares were credited and debited, [4] why bankers, Demat agency and brokers did not report such a huge suspicious transaction to RBI and Stock exchanges, [5] How synchronized trade of purchases by the assessee took place and to whom exit was provided , [6] where the shares appearing in Demat account were diverted to, who operated Demat account of this assessee,] should have summoned to Mr. Kamlesh Sanghavi who deposited cross account payee cheques in the bank account of the assessee as alleged by assessee himself. Ld AO should have definitely made a larger inquiry b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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