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TMI Blog2016 (9) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... with the Assessing Officer for the above said bogus transaction to the tune of ₹ 1,83,768/-. As discussed above the statement of Shri Mukesh Choksi is not sufficient to arrive at this conclusion that the transaction with M/s. Gold Star Finvest Pvt. Ltd. is bogus specifically in the circumstances when no opportunity was given to the assessee to cross examine the Shri. Mukesh Choksi. The number of decisions have come in favour of the assessee which were based upon the statement of Shri Mukesh Choksi - Decided in favour of assessee. - I.T.A. No.7372 /Mum/2013 - - - Dated:- 12-8-2016 - SHRI R.C.SHARMA, AM AND SHRI AMARJIT SINGH, JM For The Assessee : Shri M. S. Mathuria For The Department : Shri Mahender Bishnoi ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer that legal and valid jurisdiction lies with the ITO, Ward 13(2)(1), Mumbai, the said nonjurisdictional officer continued the proceedings between 11.04.2011 till 22.11.2011 is valid and legal even though--- [a] Appellant s return of income for assessment year 2004-05 was not available in his charge; [b] said ITO Ward 17(3)(1) was having legal and valid jurisdiction to continue the proceedings till 17.11.2011 without transferring the proceedings to the jurisdictional ITO, Ward 13(2)(1), Mumbai. 5. On the facts and in law, the learned CIT(A) has erred in holding that lacunae if any is covered by section 292B of the I.T.Act, 1961. 6. On the facts and in law, the learned CIT(A) has patently erred in holding t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est Pvt. Ltd. [ii] ITA No.4624/Mum/2005 in case of Messrs. Richmond Securities Pvt. Ltd., [iii] ITA No.4999/Mum/2005 in case of Messrs Alpha Chemie Trade Agencies Pvt. Ltd. [iv] ITA No.4912/Mum/2005 in case of Messrs. Mihir Agencies Pvt. Ltd. 9. The jurisdictional ITO, Ward 13(2)(1), Mumbai has erred in passing impugned assessment order without providing cross examination of the person named Shri Mukesh M. Choksi on whose alleged statement he has relied for making impugned assessment. 10. On the facts and in law, impugned assessment order required to be quashed being bad in law ab initio and is passed without legal and valid initiation of proceedings u/s.147 / 148; without approval of the competent authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the assessee has correctly form an opinion and on your request transferred the case record to this charge being having return filed with this charge, you have been ask to give explanation and details vide letter dated 29.11.2011. Hence the proceedings u/s.148 has been correctly initiated and having jurisdiction over the case your request to drop the proceedings is rejected and once again you have been asked to submit the explanation details as ask for in earlier letters and should reach to this office within 3 days of receipt of this letter. Failure to do so will be considered as no explanation to be submitted and accordingly order will be made on the basis of record available. The assessee vide letter dated 12.12.2011 has submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llenged. Infact DDIT(Inv.) Unit 1(4), Mumbai, informed the assessee officer that the assessee has taken the bogus long term capital gain entries from M/s. Gold Star Finvest Pvt. Ltd. Shri Mukesh Chokshi in his statement dated 11.12.2009 has stated that he was engaged in the business of giving (i) Speculation Profit adjustment entries, (ii) Short term profit adjustment entries, (iii) Long term capital gains adjustment entries and (iv) Share application adjustment entries through various companied floated by him including M/s. Goldstar Finvest Pvt. Ltd. The addition was made on the basis of the statement of Shri Mukesh Chokshi. The contention of the assessee is that the assessee acquired 1900 equity shares of Buniyad Chemicals Ltd. through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount No.10111342 with Dena Bank. Sales consideration of ₹ 1,83,768/- are deposited in appellant s saving bank account No. HS 7310 of Central Bank of India. Copies of relevant pages of said bank account is attached herewith and marked as Exhibit P . 6. Now it is to be seen whether the statement of Shri Mukesh Choksi is sufficient to the addition of ₹ 1,83,768/- Exceptt the statement of Shri Mukesh Choksi there is no material available to the Assessing Officer for the said addition. No opportunity of cross examination of Shri Mukesh Choksi was given to the assessee. It is not in dispute that the sales were effected from Demat Account No.10111342 with Dena Bank. Sale consideration of ₹ 1,83,768/- were deposited in the app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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