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TMI Blog2012 (7) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... transferred & send to our above named client, Copies of bills issued by the said broker alongwith various contracts for sale & purchase of shares – Held that:- Share certificates were purchased from the off market and the assessee was not given any opportunity to cross examine the printer - CIT(A) without giving any opportunity to cross examine the printer has relied on the material obtained by the A.O. during the course of assessment proceedings – matter remanded to AO - grounds taken by the assessee are, therefore, partly allowed for statistical purposes - ITA No. : 855/Mum/2010 - - - Dated:- 25-5-2012 - SHRI DINESH KUMAR AGARWAL, SHRI N. K. BILLAIYA, JJ. Appellant by : Shri Sanjay R. Parikh Respondent by : Shri M. Rajan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst the credit balance on account of sale of shares of Wipro Limited on 14th April, 2003. To verify the genuineness of the transaction, the assessee was asked to file the copy of ledger account of the party, details of the payment received, details of adjustments of all the share transactions, and name and address of the buyer who has purchased shares of Sangoti Construction Ltd. On going through the above details, the A.O. observed that the assessee did not want to give the answer to query no. 3 and 4. The A.O. further observed that on going through the submissions of the assessee one vital evidence came to the notice that the share certificates were printed by the printer in the month of October, 2003 which has also been confirmed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the learned CIT(A), the assessee is in appeal before us challenging in all the grounds the taxing of sale proceed of shares as income from other sources, violation of principle of natural justice and treating the genuine purchases as bogus purchases. 5. At the time of hearing, the learned counsel for the assessee after giving the factual matrix of the case refers application dated 23rd April, 2011 for admission of additional evidences under Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963. He further submits that the additional evidences appearing at page 49 to 62 of the assessee s second paper book which contains forwarding letter and affidavits of the parties were dispatched to the learned CIT(A) by courier. Howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the said shares were issued by the company namely Sangotri Construction Ltd. on 30/10/2002. The said shares were transferred by the company in the name of Ajay M. Mehta jointly with Mankishor Mehta on 18/06/2003 vide transfer no.540. The date of issue of shares to original owner and the date of subsequent transfer to our client is very clear from perusal of the said certificate. Therefore, the date of printing the said certificate as alleged by your goodself as October 2003 is not correct. It is only your presumption assumption as the date is not stated on the certificates. It may be possible that 10/3 denotes either 10th March or lot number. Hence we are not in agreement with your alleged conclusion. 2. Unfortunately, we have not k ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies of bills issued by the said broker alongwith various contracts for sale purchase of shares during the year 2003-04 2004-05. All above documents from intermediate parties cannot be considered as not genuine in absence of any contrary evidence in your possession. It seems that the entire process is rotating through your suspicion mind on presumption basis that the share certificates were printed on 10/03 , which is not true . We further find that before the learned CIT(A) it was pointed out by the assessee that the share certificates were purchased from the off market and the assessee was not given any opportunity to cross examine the printer. The learned CIT(A) without giving any opportunity to cross examine the printer has relied ..... X X X X Extracts X X X X X X X X Extracts X X X X
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