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TMI Blog2012 (8) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the cross examination, incidentally by the same AR, in another case with reference to another broker who is not at all connected to assessee’s transactions and confirmed the action of AO. Therefore it is a fit case to restore the matter to the file of AO to examine the contentions - in favour of assessee for statistical purposes. - ITA No. 2599/Mum/2010 - - - Dated:- 29-6-2012 - Shri I. P. Bansal, And Shri B. Ramakotaiah, JJ. Assessee by: Shri K. Gopal Shri Jitendra Singh Department by: Shri P.B.K. Menon, DR O R D E R Per B. Ramakotaiah, A.M. This is an assessee s appeal against the orders of the CIT (A)- 37 Mumbai dated 29.01.2010. 2. The issue in the present appeal is with reference to considering the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the above capital gains. 4. Before the CIT (A), it was contended that assessee has genuinely purchased the shares, which were sent to Demat and the company also bifurcated the shares from face value of Rs.10/- to Rs.1/- and thereby assessee got more number of shares than what he has purchased and though transactions of purchase is off market, but sale of transactions is on the stock market, supported by various bills issued. In support assessee filed letter of sub division of shares (DEMAT) details and various purchase and sale bills. The CIT (A) however, following his orders in other cases, wherein similar modus operandi brought out by the Department in their investigation and also based on the letter received from M/s DPS Shares Secur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and Database Finance Ltd and the cross examination as recorded by the CIT (A) in order pertain to Shri Narendra Shah of M/s T.H. Vakil Shares Securities Pvt. Ltd, but not of M/s DPS Shares Securities Pvt. Ltd, through whom assessee purchased the shares. It was further submitted that sales were made through Stock Exchange and the moneys were received through Shri Mahesh Kothari Share Stock Brokers Pvt. Ltd and nothing was on record, that the said firm was also involved in bogus transactions. Since the investigation done by the Department does not relate to assessee, except that the company shares involved are of Prraneta Industries Ltd. There is no correlation of assessee s transactions to the bogus modus operandi relied upon by AO a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annot be accepted at face value that assessee s transactions are also bogus. As extracted by AO in the order, M/s DPS Shares Securities Pvt. Ltd has given a general letter that some bills issued are only to accommodate for Long Term Capital Gain purposes and these transactions are not done on Bombay Stock Exchange and ore off market. It was also stated by them that they have not delivered any specific shares of any scrip. Even though this letter was received, it was assessee s contention that transactions of purchase and sales with the said broker are genuine. There were letters about the delivery of shares and sub Division of Shares and these evidences against the same broker cannot be ignored. Moreover, it is also the contention that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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