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TMI Blog2018 (11) TMI 408X X X X Extracts X X X X X X X X Extracts X X X X ..... re was a genuine transaction of purchase and sale of shares on which assessee has earned Long Term Capital Gain, and therefore, such Long Term Capital Gain cannot be taxed u/s.68. Since Long Term Capital Gain is exempted u/s.10 (38), therefore, no addition is called for. - Decided in favour of assessee. - I.T.As. No.2128/Del/2018, I.T.As. No.2129/Del/2018, I.T.As. No.2131/Del/2018, I.T.As. No.2132/Del/2018 - - - Dated:- 24-10-2018 - SHRI AMIT SHUKLA, JUDICIAL MEMBER For the Appellant : Shri Sandeep Sapra, Adv. Shri Rohit Aggarwal, CA For the Respondent : Shri C.P. Singh, Sr.DR. ORDER The aforesaid appeals have been filed by the above named assessees against separate impugned orders dated 13.02.2018 and 12.03.2018, passed by ld. Commissioner of Income Tax (Appeals)-Meerut, for the quantum of assessment passed u/s.143(3) for the Assessment Year 2015-16. Since issues involved in all the appeals are common, arising out of identical set of facts, therefore, same were heard together and are being disposed of by way of this consolidated order. 2. I will first take up the appeal in the case of Smt. Sadhana Rastogi, being ITA No. 2131/Del/2018 and my finding give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale, he treated the amount of ₹ 30,58,008/- u/s.68 of the Act. 4. Ld. CIT (A) too has confirmed the said action of the Assessing Officer and has gone by the statement of the employee of M/s. Gateway Financial Services Ltd. and how the Investigation Wing has exposed the bogus entry mandatory of Long Term Capital Gain. He has also ignored the entire evidences and the explanation filed by the assessee. 5. Before us, ld. counsel for the assessee, Mr. Sandeep Sapra submitted that the statement of person, Shri Soumen Choudhury who was an employee of M/s. Gateway Financial Services Ltd. cannot be relied upon at all to draw any adverse inference against the assessee for the reason that, firstly, assessee has nothing to do with M/s. Gateway Financial Services Ltd. nor she has purchased or sold any shares through the said entity; secondly, no information or evidence has been found against the assessee that she was involved in any kind of accommodation entry nor her name appeared anywhere as a beneficiary. He further submitted that assessee has filed following documentary evidences before the Assessing Officer as well as ld. CIT (A) to prove the genuineness of the purchase and s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20.07.2018 Copy of the judgment of Hon ble Hyderabad ITAT in the case of Income Tax Officer vs. Shri K. Ramakrishna Reddy in ITA No. 1614/Hyd/2017 dated 29.05.2018 Copy of the judgment of Hon ble Jaipur ITAT in the case of Shri Pramod Jain vs. DCIT in ITA No.368/JP/2017 dated 31.01.2018 Copy of the judgment of Hon ble Ahmedabad ITAT in the case of Ketulkumar D. Jaiswal vs. ITO (2017) [51 CCH 0135] dated 28.09.2017 Copy of the judgment of Hon ble Bombay ITAT in the case of ITO vs. Arvind Kumar Jain HUF (2017) [51 CCH 0281] dated 18.09.2017 Copy of the judgment of Hon ble Kolkata ITAT in the case of Manish Kr. Baid Vs. ACIT (2017) [60 ITR (tri) 0266] dated 18.08.2017 Copy of the judgment of Hon ble Bombay ITAT in the case of Kamla Devi S. Doshi Ors. Vs. ITO Ors. (2017) [50 CCH 0072] dated 22.05.2017 Copy of the judgment of Hon ble Ahmedabad ITAT in the case of Sunita Jain Vs. ITO (2017) [49 CCH 330] dated 09.03.2017 Copy of the judgment of Hon ble Bombay ITAT in the case of Farrah Marker vs. ITO (2016) [46 CCH 0535] dated 27.04.2016 7. On the other hand, learned Department Representative has strongly relied upon the order of the Assessing Officer and ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same lens as if assessee too was involved in such kind of accommodation entry. Heavy reliance has been placed by the authority below over a statement of one employee of some M/s. Gateway Financial Services Ltd. of Kolkata. Such an entity first of all has nothing to do with the assessee, because assessee has neither dealt with the said company nor has carried out any transaction at any point of time with such entity. Such a reference of statement of employee sans any reference of assessee to draw any adverse inference against the assessee is too farfetched even when he has stated that its Company has been providing accommodation entry in the scrip of Channel Nine Entertainment Ltd. , but that does not mean that all the subscribers of the shares in India of the said company are involved in shady transaction of getting accommodation entry in the form of Long Term Capital Gain. It has been brought on record by the learned counsel from the information available in public domain regarding credentials of M/s. Channel Nine Entertainment Ltd. which is a group of Dainik Jagran Newspaper Ltd. and was engaged in the business of marketing, producing various serials, movies, films distrib ..... X X X X Extracts X X X X X X X X Extracts X X X X
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