9911796707
TMI Blog2013 (9) TMI 966X X X X Extracts X X X X X X X X Extracts X X X X ..... al No. 584/Agr/2008, relating to the Assessment Year 2000-01. 3. The assessee-appellant has raised the following substantial questions of law, which were amended in the memo of appeal vide Court order dated 14.02.2013, for consideration:- "I. Whether on the facts and in the circumstances of the case the ITAT was justified in upholding the addition of Rs.20,05,000/- made by the A.O. Against the assessee u/s 68 of the Act, ignoring that the identity of the person, credit worthiness and the genuineness of the transaction has been proved by the appellant ? II. Whether the ITAT is justified in not considering that section 68 applies when the explanation relating to the sum found credited in the books of accounts of the assessee are not accept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e purchase of the shares in subsequent year during May to June 1999 was lying with the assessee as on 31.3.1999. The assessee has not submitted any Balance Sheet or the statement of affairs. The shares purchased between May to June 1999 by paying the cash has been sold though the same concern. The shares belong, according to the assessee, to a private limited company namely M/s. Diamond Steels (P) Ltd. And the consideration was received by cheque from M/s Cosmos Financial Services Pvt. Ltd. It is claimed that the shares were purchased and sold at the same price. In our opinion, the onus is on the assessee to prove the source of the gift made by him out of his bank account and also source of the investment made in the purchase of shares duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we noted that except the fact that the money has been withdrawn by the assessee from 17.10.1998 till 29.3.1999 on the different dates from the bank account, no other explanation is available on record. Even the evidences about the distinctive share numbers are not available. Evidence on whether the shares were transferred in the name of the assessee or not is also not available. Even photocopies of the share certificates are not available. The bank account being S.B. Account No. 4154 was opened with the State Bank of Patiala, Sanjay Place on 25.4.1999 in which the cheque received from M/s Cosmos Financial Services ( P) Ltd. Were deposited on the same very date when the gifts were given by the assessee. No enquiry has been made from M/s Diam ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
