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TMI Blog2018 (12) TMI 520X X X X Extracts X X X X X X X X Extracts X X X X ..... issue afresh; after making available to the assessee for her rebuttal all documents relied upon by Revenue for making the additions/disallowance and providing adequate opportunity to the assessee for cross-examination of persons whose statements are being relied upon. Assessee’s appeal allowed for statistical purposes. - ITA No.378/Bang/2018 - - - Dated:- 5-12-2018 - SHRI JASON P BOAZ, ACCOUNTANT MEMBER For The Assessee : Shri. Balram R. Rao, Advocate For The Revenue : Smt. Kabila H, JCIT ORDER Per Jason P Boaz, Accountant Member This appeal by the assessee is directed against the order of the CIT(A)-7, Bangalore dated 03.01.2018 for Assessment Year 2014-15. 2. Briefly stated, the facts of the case a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es conducted in the case of Appellant's Brokers, operators and the entry providers nor provided an opportunity to cross examine the aforesaid parties. 4. The Learned CIT(Appeals) as well the authorities below failed to appreciate the fact that the Appellant had discharged the primary onus by furnishing all evidences to establish the genuineness of the transaction and the additions so made U/s.68 of the Act was uncalled for. 5. The learned CIT (Appeals) as well as the authorities below failed to appreciate the fact that the Appellant had bona-fidely invested in M/ s. Blazon Marble Ltd (previously known as Shubham Granites Ltd.) as an investor and not with any intension to deceit the Department. 6. The Learned CIT(Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Butoria. It is submitted that in the cited case (supra) also, the assessee, an individual, filed his return of income claiming income on sale of shares as exempt u/s 10(38) of the Act. The Assessing Officer (AO) treated the receipt of sale consideration as unaccounted income and made an addition u/s 68 of the Act. On appeal, the CIT(A) upheld the AO s order. However, on further appeal, the ITAT, Kolkata Bench allowed the assessee s appeal observing that the addition was unsustainable since the AO made the addition in a routine and mechanized manner, merely on suspicions based on Report of enquiries made by the Investigation Directorate of DIT, Kolkata, without bringing the same on record or confronting the assessee with OR supplying the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he AO for de novo adjudication. 3.5 I have heard both parties and perused and carefully considered the material on record; including the judicial decisions cited and the orders of the authorities below. Taking into consideration the facts and circumstances of the case and the judicial decisions cited, I find that the issue for consideration is squarely covered by the orders of the Bengaluru ITAT in the cases of Arvind Kumar Moolchand (supra) and Pukhraj Hasmuchlal (supra). Following the aforesaid orders (supra), I set aside the orders of the AO and restore the matter of treatment of sale proceeds declared on sale of shares as unexplained credits u/s 68 of the Act to the file of the AO to re-adjudicate the issue afresh; after making ..... X X X X Extracts X X X X X X X X Extracts X X X X
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