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TMI Blog2012 (11) TMI 981X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of said Shri Sanjay Amin as he had left the country - assessee could not produce the confirmation and other details regarding to said person and that therefore the claim was disallowed - further materials produced by the assessee - without proper verification such material ought not to have been accepted - issue was remanded to the Revenue authorities - TAX APPEAL No. 2494 of 2010 - - - Dated:- 11-1-2012 - MR. AKIL KURESHI AND MS SONIA GOKANI JJ. Appearance: MR BHATT, SR. ADV. with MRS MAUNA M BHATT for Appellant(s): 1, ORAL ORDER (Per: HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of the Tribunal dated 31.7.2008 raising following questions for our consideration:- [A] Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rket transaction and this is not through Stock Exchange and even the details of Demat A/c. has not been produced before the Assessing Officer. Once the confirmation is not produced and even broker is not produced for examination in respect of transaction carried on by him, the transaction cannot be treated as genuine. On query from the Bench, Ld. Counsel for the assessee stated that the issue can be remitted back to the file of Assessing Officer for re-verification of this transaction and he undertook on behalf of the assessee that he will file the confirmations and other detail from M/s. R.K. Consultancy for examination before the Assessing Officer. Similar arguments were made in the case of JGPL. No. doubt the assessee has filed details ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion making following observations:- 7. We have heard the rival contentions and gone through the facts and circumstances of the cases. We find that the assessee has received amount of Rs.6 crore and Rs. 4 crore from Shri Sanjay C. Amin as unsecured loan. The assessee could not produce Shri Sanjay C. Amin for examination before Assessing Officer by stating the reason that Shri Amin is out of India and even confirmation could not be obtained. The assessee filed informations before the CIT(A) for the first time like copy of bank account no.2871 maintained with Vijay Bank, Navrangpura and stated that the amount the received by Shri Amin by cheque from M/s. Alps. Infosys Ltd. from this account in the assessee's bank account maintained with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eals), remanded the proceedings to enable the assessee to produce details with respect to M/s. R.K. Consultancy and the transactions of shares of M/s. Alps Industries. Therefore, the Tribunal has not concluded any of the issues. 5. With respect to Question [B] the assessee, as has already been noted, produced necessary evidence at his command. With respect to receipt of Rs.4 crores, by way of advance from Sanjay Amin, the assessee could not produce the confirmation and other details regarding to said person and that therefore the claim was disallowed. CIT(Appeals), however, taking into account, further materials produced by the assessee, accepted the claim. The Tribunal was of the opinion that without proper verification such material o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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