9911796707
TMI Blog2013 (1) TMI 826X X X X Extracts X X X X X X X X Extracts X X X X ..... on 132 of the I.T.Act, 1961 was carried out in the case of M/s. Mahasagar Securities Pvt. Ltd. now known as 'M/s. Alag Securities Pvt. Ltd.'. During the course of search, it was found that the company and its group concerns were engaged in bogus dealing activities and in the business of providing bogus speculation profit/loss, short term/long term capital gain/loss. From the list prepared in the case, it was noticed that assessee was also purchased 12800 shares M/s. Buniyad Chemicals on 5.4.2002 and 14.5.2002 and the total purchase value of the shares were of ₹ 1,02,064/-. To verify the genuineness of the investment, notice under section 148 was issued after recording reasons. Reply of the assessee were not found satisfactory and ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed within the time allowed by the Act and therefore, reopening of the assessment was correct. Regarding the addition on merit, it was submitted that assessee has filed certain confirmation of the persons from whom loan has been obtained. As they were not filed before the Assessing Officer, they cannot be admitted as additional evidence as Assessing Officer has allowed proper opportunity to the assessee to file all these details. Accordingly, the ground of the assessee on merit was also dismissed. 5. Now the assessee is in appeal before the Tribunal. The contentions raised before the lower authorities were re-agitated on behalf of the assessee. 6. On the other hand, learned D.R. placed reliance upon the Order of the learned CIT(A). 7. Aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all the details, CIT(A) has just brush aside these details by observing that these are additional evidences. In my considered view except the confirmation, all other details were filed before the Assessing Officer as well as the CIT(A). Assessing Officer has not asked to file confirmation from the creditors. Therefore, they could not be filed. However, they were filed before the CIT(A). This is a petty amount of ₹ 1,02,064/- taken on loan from six parties by the assessee. Therefore, in my considered view the genuineness of the transaction of loans should not have been doubted either by the Assessing Officer or by the learned CIT(A). They should had been accepted by the learned CIT(A) and if he was not satisfy, then he could made furth ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
