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TMI Blog2010 (12) TMI 1320X X X X Extracts X X X X X X X X Extracts X X X X ..... 9,63,950/-, which has been added by the AO with the aid of section 68. 2. The brief facts of the case are that assessee is an individual, he has shown salary income from M/s. Influence Sales Service Pvt. Ltd. and M/s. Global Healthline Pvt. Ltd. He has shown capital gain and income from other source also. The return was filed on 28.10.2004 declaring an income of ₹ 23,85,514/-. On scrutiny of the accounts Ld. AO found that assessee has shown long term capital gain of ₹ 9,85,820/-. This long term capital gain has been shown on the sale of 10000 shares of Supreme Agro Products Ltd. through D.N. Kansal Securities Pvt. Ltd., who is a broker with Delhi Stock Exchange. Ld. AO has called for the details in respect of sale an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le of shares has been taken place. Accordingly the AO has made an addition of ₹ 9,63,950/- as undisclosed income of the assessee u/s 68 of the Income Tax Act. 3. Appeal to the Ld. CIT(A) did not bring any relief to the assessee. 4. Ld. Counsel for the assessee submitted that AO has not investigated the issue properly. He started the investigation in the month of December, 2006 and passed the asstt. order on 29.12.2006. There was no proper opportunity granted to the assessee to explain the transaction. He also pointed out that AO has issued summons to the alleged stock broker at the fag end of the proceedings. Therefore, he preyed that orders of the revenue authorities be set aside and issue be restored to the file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r issued u/s 133(6) as well as he is not sure whether summons issued u/s 131 was served upon him or not. But the AO has drawn adverse inference against the assessee on account of the absence of the broker. The other aspect considered by the AO is that the information supplied by the Delhi Stock Exchange does not establish on the record, whether the shares were sold through Delhi Stock Exchange or not ? If they are not sold through this stock exchange then the information supplied by this stock exchange would be totally irrelevant. The purchase of shares were not doubted by the AO in the year of purchase, if that be so then, the mode of purchase, whether in the open bid or private placement may not be a crucial aspect for doubting the transa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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