9911796707
TMI Blog2015 (10) TMI 2118X X X X Extracts X X X X X X X X Extracts X X X X ..... ur of assessee for statistical purposes. - I.T.A. No.772/Ahd/2015, I.T.A. No.773/Ahd/2015 - - - Dated:- 1-10-2015 - Shri G. D. Agarwal,Vice President (AZ) And Shri Kul Bharat, Judicial Member For the Petitioner : Shri P.D. Shah, AR For the Revenue : Shri Dinesh Singh, Sr.DR ORDER Per Shri Kul Bharat, Judicial Member : Both these appeals by different two assessees are directed against the separate orders of the Ld.Commissioner of Income Tax(Appeals)-10, Ahmedabad [ CIT(A) in short] identically dated 10/02/2015 pertaining to Assessment Year (AY) 2006-07. Since common issues are involved in both these appeals, these were heard together and are being disposed of by this consolidated order for the sake of convenien ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty to the assessee to represent his case. He submitted that an opportunity be granted to the assessee in the interest of justice to enable him to represent the case before the AO. The ld.counsel for the assessee submitted that the assessee has nothing to do with the share investment. In fact, the account of the assessee was used by the father of the assessee. 3.1. On the contrary, ld.Sr.DR opposed the submissions made by the ld.counsel for the assessee and submitted that the assessee was given sufficient opportunity. 4. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. The assessee has made written submissions which are reproduced hereunder:- BEFORE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion for unexplained investment is required to be made. (4) It is further submitted that the shares applied in the name of the appellants have been credited in the respective Demat Accounts (ID 10029352 of Abhay and ID of 10029336 Smt. Lalita with Nutan Bank) and from where on sales, these shares have been transferred to the brokers Accounts's Demat of A.C. Jain Co (Refer pg 27-35 of the Paper Book) (5) With regard to the observation of the Id.CIT(A) in para 6.2, our point wise submission is as under:; A. In case of Smt. Lalita A Jain (i) (a) It is on the record that the appellant has filed statement showing working of Income/loss from the sale and purchases of the shares during the year under consideration (Refer Pag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mber are reflected in the bank statement. (v) It is true that Copy of the Bank Statement of account with Bank of Rajasthan Limited (Now known as ICICI bank) bears the name of A C Jain Co. (vi) It is true that sales invoices for selling the shares and Broker Ledger account are in the name of A C Jain Co (bearing PAN Number ABDPJ4961B and/or Mobile Phone Number 9824015082 in the name of Shri Ashwin C. Jain-Refer pg 92 and 93) as the said allotted shares have been sold by A C Jain Co. (vii) The Copy of the Bank Statements of Labdhi Stock and Derivatives has been shared with the appellant, as the allotted shares have been sold through said broker by A C Jain Co. In view of the said fact also, name of the appellants doe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the file of AO decision afresh. The assessee is hereby directed to co-operate with the AO during assessment proceedings and furnish the details without seeking any adjournment. The AO would complete the assessment preferably within three months on receipt of this order. 5. In the result, assessee s appeal (in the case of Shri Abhay Ashwinkumar Jain) in ITA No.772/Ahd/2015 for AY 2006-07 is allowed for statistical purposes. 6. Now, we take up the assessee s appeal (in the case of Smt.Lalitaben A.Jain) in ITA No.773/Ahd/2015, wherein following grounds have been raised by the assessee:- 1. That the learned Commissioner of Income Tax (Appeals) has erred in law and facts by confirming the action of the learned AO in making addition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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