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TMI Blog2017 (9) TMI 1104X X X X Extracts X X X X X X X X Extracts X X X X ..... any adverse mention about the transaction in question in statement of Sh. Pawan Purohi. Simply because in the sham transactions bank a/c were opened with HDFC bank and the appellant has also received short term capital gain in his account with HDFC bank does not establish that the transaction made by the appellant were non genuine. Considering all these facts the share transactions made through Shri P.K. Agarwal cannot be held as non-genuine. Consequently denying the claim of short term capital gain made by the appellant before the AO is not approved. The AO is therefore, directed to accept claim of short term capital gain as shown by the appellant - Decided in favour of the assessee - D. B. Income Tax Appeal No. 385 / 2011, D. B. Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imply directing to compute 10% profit on the said investment as income of the assessee, even after holding that the investment is assessee s own turnover in land dealing and not the investment made for others 5. However, subsequent to application which was moved by the Department, it was further amended by order dated 29.08.2017. 1.Whether the Tribunal was justified in confirming the deletion of ₹ 1,06,34,000/- which made by the Assessing Officer on account of undisclosed investment of the assessee, without giving any finding in respect of the same? 2.Whether the Tribunal as well as CIT(A) were justified in not confirming the addition of ₹ 1,06,34,000/- ignoring that the said entries were merely accommodation en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Investigation Wing, Jaipur in the case of B.C.Purohit Group. 9. It is pertinent to note that during the survey operation, it was admitted by the assessee that no investment in shares was made by him during the said period. It was further found that the company M/s Konark Commercial Ltd. Was never listed in Calcutta Stock Exchange and the assessee was never its shareholder. 10. After considering the entire factual matrix the Assessing Officer held that the assessee had arranged the said accommodation entries from entry providers for converting its undisclosed money into white money and thus the amount of ₹ 98,56,872/- was treated as undisclosed income of the assessee. 11. Counsel for appellant has taken us to the order of A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugh a/c payee cheques and the transactions are routed through Kolkata Stock Exchange. There is no evidence that the cash has gone back in appellants s account. Prima facie the transaction which are supported by documents appear to be genuine transactions. The AO has discussed modus operandi in some sham transactions which were detected in the search case of B.C. Purohit Group. The AO has also stated in the assessment order itself while discussing the modus operandi that accommodation entries of long term capital gain were purchased as long term capital gain either was exempted from tax or was taxable at a lower rate. As the appellant s case is of short term capital gain, it does not exactly fall under that category of accommodation transact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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