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TMI Blog2022 (5) TMI 1088X X X X Extracts X X X X X X X X Extracts X X X X ..... t the same price. Therefore, we are not in agreement with the theory coined and adopted by the AO and its confirmation by the Ld. CIT(A) that these are accommodation entries as the assessee has purchased the shares on various dates and thereafter sold the shares to M/s. Balaji Finance. After perusing the details as placed before us we are of the view that these are not the accommodation entries but shares were sold at the same price at which these were purchased and thereby no pecuniary gain has accrued to the assessee. Under these circumstances, we are inclined to set aside the order of the Ld. CIT(A) and direct the AO to delete the addition - Decided in favour of assessee. - I.T.A. No. 617/Kol/2020 - - - Dated:- 10-5-2022 - Shri A. T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee by filing return of income on 05.04.2016. Thereafter, several notices were issued to the assessee however, all remained uncomplied with. Finally, the assessment was completed u/s. 144 read with section 147 of the Act vide order dated 18.08.2016 making an addition of Rs.1,27,00,000/- as unexplained cash credit which was stated to have received by the assessee in consideration of sale of shares. 4. In the appellate proceedings the appeal of the assessee was dismissed by Ld. CIT(A) by citing the reasons that even in the appellate proceeding the assessee has not made any attempt to prove the genuineness of the receipt of Rs.1,27,00,000/- by filing names, PANs and identity of the share applicants and thus, according to the Ld. CIT(A), th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not benefited in any manner whatsoever by selling these shares as the assessee has purchased these shares at Rs.250/- per share and sale was also made at the same price. The ld counsel argued that, therefore, the observations of the authorities below are fallacious , wrong and against the facts of the case. The Ld. AR, therefore, prayed that the addition as made by the AO on account of bogus accommodation entries may kindly be deleted by allowing the appeal of the assessee and reversing the order of ld CIT(A). 5. The Ld. DR, on the other hand, submitted that as the assessee has failed to furnish the requisite details such as name, PAN of the buyer of shares, the authorities below could not verify these transactions. The Ld. DR, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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