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TMI Blog2015 (7) TMI 1046X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount cannot be added in the hands of the assessee unless AO brings on the record cogent evidence to show that amount was actually received by assessee or credited in her bank account. It is also not the case of AO that Bank account of Mahasagar 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 receipt 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or delete the above Ground of Appeal at or before the hearing of the assessee. PRAYER The Appellant prays that the suitable direction to the learned Income Tax officer, 19 (1) (2) Mumbai, be given for proper relief under the law. 2. Rival contentions have been heard and record perused. Facts in brief are that the AO received information from the DDIT Inv. Unit-1(4), Mumbai that suspicious transactions had taken place in the bank accounts of M/s Mahasagar Securities Pvt. Ltd. and M/s God Star Finvest Pvt. Ltd. and its related companies, whose directors were S / Shri Mukesh M. Choksi and Jayesh K. Sampat, a search and seizure action u/s.132 had been conducted on 25.11.09 on their premises and during the course of search, it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... okshi's answer to question No.4 and 32, where he explained in detail the modus operandi for issue of bills for bogus security transactions. The AO, therefore, came to a finding that the affirmation relating to business by Shri Mukesh Chokshi is an evidence that cannot be ignored, as the same has been recorded is u/s.131 of the Act during the course of search, which clearly shows that assessee had received cash equivalent to the value of capital gains from the assessee. The AO, thus, treated the LTCG of ₹ 5,20,215/- received from the assessee as payments made out of her undisclosed income and brought the said amount to tax under the head 'income from other sources. 3. In appeal the CIT(A) confirmed the action of the AO. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at their Khar (W) Branch, Mumbai and the said Mahasagar Securities Pvt. Ltd. has fraudulently shown ₹ 5.20,215/ - has been paid to the assessee. Sir, assessee has also executed the Affidavit-cum-Declaration on the above lines and it is further requested to kindly get the account verified by the learned 11'.0 as to the credit of the sum of ₹ 5,20,215/ - which has been credited in the relevant account as the said learned ITO without verifying the same has proceeded to add to the income without any fact finding. 6. It is clear from the above, that assessee was not in receipt of any accommodation entry either from M/s Mahasagar Securities Pvt. Ltd. or from Mr. Mayur M. Choksi, nor any corroborative evidence was placed on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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