9911796707
Advanced Search 
TMI Blog2016 (2) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Ld. CIT (A) has erred in law and on facts in confirming the addition of Rs. 2,13,350/- made by the assessing officer U/s. 68 of the IT Act 1961. 3. The Ld. CIT (A) has erred in law and on facts by adding the exempted Long Term Capital Gain on securities u/s 10(38) when the purchase of shares are of listed company and are sold through registered broker complying the provisions of section 10(38) of the Income tax Act, 1961 and treating the receipt of sales consideration of Rs. 2,13,350/- as unexplained credit u/s 68 of the Act. 4. The Ld. CIT(A) has erred in law and on facts by treating the transactions of purchase and sales of shares as sham and bogus and treating the sales considerations as unexplained credit u/s 68." 3. Brief fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alent Infoways Ltd. The AO observed that the appellant had taken bogus bill for alleged purchase of 900 and 1400 shares of Talent Infoways from Mahasagars Securities Pvt. Ltd., Mumbai and had also taken bogus bill for alleged sale of 900 and 1400 shares of Talent Infoways through Alliance Intermediaries Networks Pvt. Ltd., a related company of Mahasagar Securities. The AO observed that the above transactions were made through Mahasagar Securities Pvt. Ltd. and Alliance Intermediaries Network Pvt. Ltd., two of the various companies floated by Mukesh Choksi companies which were engaged in providing accommodation entries. Further, the AO observed that Mukesh Choksi had deposed that the companies floated by him are engaged in issuing accommodat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctual transactions. 5. The ld.DR, on the other hand, relied upon the orders of the authorities below. 6. I have heard rival contentions and perused the facts on record. The undisputed fact in the present case is that the assessee has declared long term capital gain of Rs. 2,13,350/- on shares of Talent Infoways Ltd., and it was observed by the AO that the assessee has taken bogus bill for alleged purchase of 900 and 1400 shares of talent Infoways from Mahasagars Securities Pvt. Ltd., and has also taken bogus bill for alleged said sale of 900 and 1400 shares from Talent Infoways through Alliance Intermediaries Networks P.Ltd., a related company of Mahasagar Securities. These two companies were floated by Mukesh Chokshi, which were engaged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gencies (P) Ltd. vii) M/s.Talent Infoway (P) Ltd. viii) M/s. Buniyad Chemicals Ltd. ix) Mukesh Chowkshi, Individual 3. The AO noted that the modus operand! adopted by the assessee was that he first received cash from entry seekers which were deposited in the bank account of one of the group companies and after depositing the cash in the bank accounts, a cheque was issued and the equal amount in favour of entry seekers. The assessee thus returned the cash of the entry seekers in the guise of cheque after retaining commission." 7. Therefore, in the circumstances and the facts of the case, it is evident that Mahasagars Securities Pvt. Ltd. and Alliance Intermediaries Network Pvt. Ltd. were involved in providing accommodation entries, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
