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TMI Blog2013 (6) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... e restore back the matter to the file of the AO for fresh adjudication. AO is directed to afford reasonable opportunity of hearing to the assessee - appeal filed by the assessee stands partly allowed. - ITA No. 272/Mum/2012 - - - Dated:- 5-6-2013 - Shri Vijay Pal Rao And Shri Rajendra,JJ. For the Appellant : Shri Mehul Shah For the Respondent : Shri Om Prakash Meena ORDER Per Rajendra, A. M. The present appeal is filed against the order dt. 28-11-2011 of CIT(A)-35, Mumbai by the assessee on the following grounds:- 1. On the facts, and in circumstances of the case, and in law, the Ld.CIT(A) has erred in ignoring the rule consistency and precedence and upholding the order of Assessing Officer in adding Rs. 5,38,371 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived credits, were the companies that were floated by the same two Directors of M/s. Mahasagar Securities Private Limited - one Shri Mukesh M. Choksi and Shri Jayesh K Sampat. All these companies claimed to be 'share broking' companies and the pattern of cash deposits and transfers did not correspond with the business claimed to be carried on by them. 2.1 Assessee was one of the persons who had purchased and sold 6,000 shares of Buniyad Chemical Limited (BCL), a company where Shri Mukesh Choksi was one of the Directors. So, after the search and seizure action in the case of Mukesh Choksi, AO issued notice u/s. 148 of the Act for re-opening the assessment for the assessment year under consideration. AO directed the assessee to file detai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee had purchased shares of BCL on 23-05-2001, that said shares were sold on 24-02-2003, that statements of Shri Choksi were contradictory and not reliable, that sale proceeds were invested as per the provisions of Section 54F of the Act, that no commission was paid by the assessee. He relied upon the cases of Ravindra Kumar Toshnival (ITA No. 5302/Mum/08 AY. 2005-06 'D' Bench, ITAT Mumbai), Kishorilal Construction Co., (ITA No. 783/2007 order dt. 23-12-2009 by the Hon'ble High Court of Delhi. Departmental Representative (DR) submitted that share transactions in question were not genuine, that BCL belonged to Shri Choksi. He relied upon the case of Arvind M. Karia (ITA No. 7024/M/2010 AY. 2004-05) delivered by 'A' Bench of ITAT on 31-01-2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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