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TMI Blog2011 (4) TMI 1331X X X X Extracts X X X X X X X X Extracts X X X X ..... 95 per share as against 49/- per share quoted in the ASSESSEE on the last trading of share itself give a vital view of the fabricated transaction. The AO also expressed his apprehensions for the genuineness of the real buyers of the shares from M/s Mahasagar securities Pvt. Ltd. The AO also gave a finding that appellant failed to establish any real buyer has purchased the shares and no detail was given by M/s Mahasagar securities Pvt. Ltd. regarding the buyers of the shares. HELD THAT:- Considering all the facts and the fact that the similar addition on similar grounds was deleted by the CIT(A), the deletion was confirmed by the Hon ble Mumbai ITAT with the following remarks We first take up the revenue of the as the both the parties have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 10(3)(a) sold to M/s Mahasagar Securities Pvt. Ltd. The AO had been informed by the ADIT (Inv) that there was a search on the broker Mr. Mukesh Chokshi who was the director in the firm Gold Star Finvest Pvt. Ltd. and Mahasagar Securities Pvt. Ltd. During the dourse of search, Mr. Mukesh Chokshi gave a statement that he issued bogus bills of trade transactions and he was involved in selling of artificial profits to various parties. On basis of this, the AO issued a notice to the appellant to explain why this sum of ₹ 71,00,000/- shown as LTCG as share purchased through his broker should not be treated as profit purchased from this hawala transaction. The AO proposed to tax this as unexplained cash credit u/s 68 of the Act. The AO ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions entered by the appellant and were sold by the appellant at R.79 to 95 per share where in the rate quoted in the Ahmedabad Stock Exchange (ASSESSEE) was only ₹ 49/- per share on the last trading. The AO was of the view that selling of the shares of Talent Infoway Ltd. at ₹ 79 to ₹ 95 per share as against ₹ 49/- per share quoted in the ASSESSEE on the last trading of share itself give a vital view of the fabricated transaction. The AO also expressed his apprehensions for the genuineness of the real buyers of the shares from M/s Mahasagar securities Pvt. Ltd. The AO also gave a finding that appellant failed to establish any real buyer has purchased the shares and no detail was given by M/s Mahasagar securi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... demat account. All this goes on to show that there was a regular sale and purchase of shares and it was not a mere stage manage show and as stated by the CIT(A)XV simply because the transactions were made off market, it cannot be a conclusive evidence that all transactions are bogus. The AO's objection that the appellant did not produce the buyer was not a valid objection as there was no legal obligation for the appellant to produce the buyers. The AO's objection regarding that the last stated price of the shares of ASR during the period 25.11.99 to 8.3.2004, the highest was ₹ 49 on 8.3.204 is also not held valid because the share has been sold later after a period of six months at a higher price and they can always be price increase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration all the reasons discussed above, the addition made by the AO treating LTCG as unexplained credits u/s 68 of the Act is deleted and AO is directed to assess the same as LTCG as shown by the appellant. 4. Before us the learned counsel for the assessee filed a copy of the decision of C-Bench Bench of the Tribunal in the case of brother of the assessee Shri Pinakin L. shah in ITA No. 3030/Mum/2008 and ITA No. 3453/Mum/2008, order dated 14th July, 2009 wherein at para 6.1, the Tribunal recorded that both the parties agreed that the issue is covered in favour of the assessee and against the Revenue by the decision of the Tribunal in the case of Mukesh R. Marolia in ITA No. 1201/Mum/2005 6 SOT 247 (Mum) as well as the decision of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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