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TMI Blog2015 (10) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... other bank accounts, yet the said inference would be against the human probabilities as no prudent person would avail bogus capital gain with the purpose of not disclosing the same. Hence, in the absence of any other corroborative material to show that these assessees have received the cheques from Mukesh chokshi and his group of companies as per the information available in their computer record which could be corroborated with any other material and further in view of the fact that these assessees have denied the said receipts, we are of the view that the ld CIT(A) was not justified in confirming the additions made by the assessing officer. Tax authorities have taken the view that these assessees have failed to discharge the burden p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d result in generation of bogus capital gains. Hence, the revenue recovered the details of transactions of purchase and sales from the computers of Shri Mukesh Choksi and his group of companies. It appears that the said details contained the names of the assessees herein. Accordingly, the DDI (Inv.) forwarded those details to the assessing officer of the assessees herein and on the basis of those information, the present assessments have been re-opened by the assessing officer. 4. These assessees submitted before the assessing officer that they have not used the services of Shri Mukesh Choksi and his group of companies for carrying out share transactions and accordingly denied the allegation of procuring accommodation bills from them. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly he submitted that the assessing officer was not justified in assessing the alleged capital gains in the hands of these assessees and the Ld CIT(A) was not justified in confirming the same. The Ld A.R submitted that an identical issue was considered by the Division bench of Mumbai Tribunal in the case of Sheetal Pritam Bhatija (ITA No.69/Mum/2014 dated 22.07.2015) and the division bench has deleted identical additions made by the AO in the above said case. The Ld A.R also relied upon some more decision in order to contend that the additions made in the hands of these assessees are liable to be deleted. 6. On the contrary, the Ld D.R placed strong reliance on the orders passed by Ld CIT(A). He submitted that the department is having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gar Securities Pvt Ltd indicates any issue of cheque in the name of assessee. Merely entry in computer found at the premises of Mahasagar Securities Pvt Ltd could not be made the basis of addition in the hands of assessee unless some corroborative evidence is brought on record by AO to substantiate the stand that assessee was in receive of such bogus entry. Under these circumstances, in the absence of any evidence on record, we do not find any merit in the action of the AO for adding a sum of ₹ 5,20,215/- as bogus LTCG in the hands of the assessee. 8. In the instant cases also, the contentions of the assessee are that they have not procured the alleged accommodation bills in order to generate bogus capital gains. They have submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h there is a possibility that these assessees might have encashed the alleged bogus capital gains through some other bank accounts, yet the said inference would be against the human probabilities as no prudent person would avail bogus capital gain with the purpose of not disclosing the same. Hence, in the absence of any other corroborative material to show that these assessees have received the cheques from Mukesh chokshi and his group of companies as per the information available in their computer record which could be corroborated with any other material and further in view of the fact that these assessees have denied the said receipts, we are of the view that the ld CIT(A) was not justified in confirming the additions made by the assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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