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TMI Blog2018 (2) TMI 1828X X X X Extracts X X X X X X X X Extracts X X X X ..... because somebody has provided accommodation entry to somebody. The assessment proceeding being a judicial proceeding, the authorities below cannot take into consideration the extraneous matter, which is not relevant to the issue arises for consideration. When the fact that the purchase and sale of shares through recognised stock broker is established and the shares were purchased and sold at market rate, this Tribunal is of the considered opinion that both the authorities below are not justified in disallowing the claim of the assessee. - decided in favour of assessee. - ITA No.2032, 2033/Mds/2017, Assessment Year : 2013-14 - - - Dated:- 8-2-2018 - Shri N.R.S. Ganesan And Shri M. Balaganesh, JJ. Appellants by : Shri D. Anand, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the D MAT account on 24.05.2012 in the case of former and on 23.05.2012 in the case of latter. According to the Ld. counsel, the payment of shares were made through electronic mode to ASE Capital Markets Ltd. The payment was also confirmed by ASE Capital Markets Ltd. and transactions were reflected in respective bank accounts. Similarly, according to the Ld. counsel, the sale of shares was also evidenced by Contract Note issued by ASE Capital Markets Ltd. and the transactions were duly reflected in the bank accounts and the payment was made by ASE Capital Markets Ltd. through banking channel, therefore, there is no role for Shri Chandrakanth Shah to play in the purchase and sale of shares by the assessees. The assessees have also filed c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, statements of bank accounts and evidence for payment of security transaction tax in the case of both the assessees. When the attention of the Ld. D.R. was drawn to the assessment order where the Assessing Officer has clearly extracted the documents filed by the assessees to indicate the purchase of shares and sale of shares, the Ld. D.R. submitted that the matter may be decided on merit. 5. We have considered the rival submissions on either side and perused the relevant material available on record. The purchase of shares of Swaca Business Machines Ltd. by both the assessees was evidenced by way of Contract Note issued by the recognised stock broker ASE Capital Markets Ltd. It is not in dispute that ASE Capital Markets Ltd. is one of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es cannot ignore the material available on record merely because somebody has provided accommodation entry to somebody. The assessment proceeding being a judicial proceeding, the authorities below cannot take into consideration the extraneous matter, which is not relevant to the issue arises for consideration. When the fact that the purchase and sale of shares through recognised stock broker is established and the shares were purchased and sold at market rate, this Tribunal is of the considered opinion that both the authorities below are not justified in disallowing the claim of the assessees. Accordingly, orders of both the authorities below are set aside and the additions made by the Assessing Officer in respect of both the assessees are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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