9911796707
TMI Blog2012 (10) TMI 320X X X X Extracts X X X X X X X X Extracts X X X X ..... 010 (2) TMI 120). Decision in favour of assessee. - ITA No. 789/Del/10 - - - Dated:- 13-7-2012 - SHRI R.P. TOLANI AND SHRI K.G. BANSAL JJ. Appellant by: Shri Ashwani Taneja Adv. Respondent: Shri A.K. Singh Sr. DR O R D E R PER R.P. TOLANI, J.M:: This is assessee s appeal against CIT(A) s order dated 1-1-2010 relating to A.Y. 2000-01. 2. Though various grounds are raised in the memo appeal, the only effective ground raised is assailing the confirmation of addition of Rs. 10 lacs, received by the assessee on account of sale of shares, alleging the same to be accommodation entries. 3. Brief facts are: Assessee company claimed to have sold following shares to one M/s Batra Investment: (1) 50000 shares of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. 4. Learned counsel for the assessee before us pleads that all the relevant documents were produced before the lower authorities. Shri Satish Kumar, proprietor of M/s Batra Investment expired on 8-1-2001, copy of death certificate was produced. Due to death of the proprietor, assessee could not produce him. 4.1. The Assessing Officer has raised an allegation that the name of M/s Batra Investment was also involved with one Shri Mahesh Batra. Assessee had explained that it had not carried out any transaction with Mahesh Batra. M/s Batra Investment was proprietary concern of Shri Satish Kumar and merely because the names were identical or there were allegations the amount cannot be added as unexplained cash credit u/s 68 in the hand of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under: 5. The Tribunal noticed that the assessee had filed the confirmation letter of M/s Ramesh Chand Industries Ltd. before the Commissioner of Income Tax (Appeals). Further, the assessee had produced a copy of the ledger account in the case of M/s Ramesh Chand Industries Ltd. in the books of M/s Silver Streaks Trading Pvt. Ltd. before the Assessing Officer in remand proceedings. Furthermore, it was noticed by the Tribunal that the sale of shares to M/s Silver Streaks Trading Pvt. Ltd. was reflected in the books of the assessee and that these amounts were also shown as advance in the balance sheet of the assessee company and a s a credit in the balance of M/s Silver Streaks Trading Pvt. Ltd. as on the 31st March, 2003. Concerning t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchased the shares in earlier years from My Money Securities Pvt. Ltd. through banking channels; this fact has not been disputed. Thus the purchase of the shares in earlier years remains undisputed. Assessing Officer has doubted the sales made by assessee to M/s Batra Investment. There are no comments about the banking transactions between assessee and M/s Batra Investment being not genuine. The onus cast by sec. 68 on the assessee is to establish the identity, creditworthiness of the creditor and genuineness of the transaction. This onus has been discharged by assessee and same can be rebutted by Assessing Officer on the basis of cogent reasons. The assessee produced sales note of shares to M/s Batra Investments, sale proceeds were rece ..... X X X X Extracts X X X X X X X X Extracts X X X X
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