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TMI Blog2015 (11) TMI 1724X X X X Extracts X X X X X X X X Extracts X X X X ..... o those which are before me. The Tribunal considered the material sought to be relied upon by the Assessing Officer in the present case. Firstly, the Tribunal observed that merely because a transaction was not undertaken on the floor of Stock Exchange is no ground to doubt its veracity. In the present case too emphasis has been on the fact that the impugned transaction was an off- market transaction. Having regard to the precedent in the case of the order of the Tribunal dated 24/10/2010 in the case of Ravindra Kumar Toshniwal (supra), find no reason to uphold the stand of the Revenue. - Decided in favour of assessee. - ITA No. 2069/MUM/2015 - - - Dated:- 30-11-2015 - SHRI G.S.PANNU, ACCOUNTANT MEMBER Appellant by : Shri Nishit Gan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g term capital gain of ₹ 3,49,720/-. The Assessing Officer noted in the assessment order that such share transaction was undertaken through an intermediary M/s. Alliance Intermediaries Network Pvt. Ltd., which was a concern controlled by one Mr. Mukesh Choksi. It is noted by the Assessing Officer that extensive enquiries were carried out by the Investigation Wing of the Department in the case of Mr.Mukesh Choksi, wherein the said person had admitted the modus operandi of issuing bogus bills for profit adjustment entries to various parties against receipt of cash of equivalent amount. As per the Assessing Officer the list of beneficiaries of such modus operandi being carried out by Mr. Mukesh Choksi included the name of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t assessee had purchased the shares in the preceding assessment year on 15/04/2003 in physical form, whereas the same were dematerialized and subsequently sold in January 2005 corresponding to the year under consideration. It was pointed out that Securities Transaction tax was duly paid and reflected in the sale bills issued by M/s. Alliance Intermediaries Network Pvt. Ltd. and that the transaction was duly supported by the bills, stamped receipt in respect of purchase of shares as also the details of D-mat account held with HDFC Bank. Referring to the investigation carried out with Mr. Mukesh Choksi, the Ld. Representative for the assessee submitted that in the case of Smt. Hamida J.Rattorsey (supra), the Tribunal has categorically noted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ries. In this context, the Assessing Officer also referred to the fact that the material obtained from Mr.Mukesh Choksi contains reference of M/s. Alliance Intermediaries Network Pvt. Ltd., through whom the assessee had transacted in the shares of M/s. Buniyad Chemicals Ltd. Therefore, the Assessing Officer came to conclude that the entire transaction i.e. purchase and sale of shares of M/s. Buniyad Chemicals was part of an accommodation business carried out by Mr. Mukesh Choksi and that the assessee routed her unaccounted money through the guise of capital gains. 6.1 The aforesaid conclusion of the Assessing Officer is entirely based on the result of the investigations carried out in the case of Mr. Mukesh Choksi. Similar situation ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o doubt the sale and purchase of shares undertaken by the assessee merely on account of statement Mr. Mukesh Choksi, which is also being relied upon by the Revenue before me. In view of the aforesaid precedent, which has directly considered the evidence being relied upon by the Revenue before me I find no reason to uphold the reliability of such material. The decision of the Tribunal in the case of Smt. Ananya Singh (supra) is also to the same effect and deals with the statement of Mr. Mukesh Choksi. 6.4 Considering the decisions stated above, which has been rendered in identical circumstances, I find no reason to uphold the conclusion of the lower authorities. 6.5 Before parting, I may also refer to certain other decisions stated by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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