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TMI Blog2022 (6) TMI 181X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. From the materials placed before us, including the bank statement, it is very much clear that the sale proceeds received from sale of shares of M/s. GL Estates Pvt. Ltd. were invested in shares of M/s. SSKS Estates Pvt. Ltd. Therefore, the source of investment qua the shares of M/s. SSKS Estates Pvt. Ltd. stands explained. The balance investments of Rs. 1 lakh is stated to be out of past savings/drawings from the bank account. Considering the length of service of the assessee, it cannot be said that the assessee did not have the capacity to invest Rs. 1 lakh in shares. Thus, in our considered opinion, the source of investment in shares is properly explained. In view of the aforesaid, we delete the addition - Decided in favour of as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Alleging that the assessee could not furnish the source of investment and being of the view that being a small employee of M/s. Mauria Udhyog Ltd. group the assessee did not had the wherewithal for making such investment, the Assessing Officer added back the amount of Rs. 9 lakhs to the income of the assessee by treating it as unexplained investment. Though, the assessee contested the aforesaid addition by filing an appeal before learned Commissioner (Appeals), however, he was unsuccessful. 4. Before us, learned counsel for the assessee submitted, under total factual misconception the Assessing Officer has taken the alleged investment in shares at Rs. 9 lakhs. He submitted, in reality, the assessee had invested an amount of Rs. 3 lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urchase of shares of M/s. GL Estates Pvt. Ltd. and M/s. Quality Synthetic Industries Ltd. etc. Further, he submitted, the sale of shares made during the year cannot be doubted as the Assessing Officer has accepted the transaction at the hands of respective buyers while completing the assessment in their case. Thus, he submitted, the addition made should be deleted. 6. Learned Departmental Representative submitted, before the Assessing Officer and learned Commissioner (Appeals) the assessee had taken contradictory stand and has not filed the supporting evidences to demonstrate that only an amount of Rs. 3 lakhs was invested in purchase of shares. He submitted, since, there is controversy regarding the actual investment made by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sold the shares for a consideration of Rs. 2 lakhs. The sale proceeds have been credited to assessee's bank account on 03.04.2012. Similarly, the assessee has purchased shares of M/s. GL Estates Pvt. Ltd. on 19.04.2004 for a consideration of Rs. 1 lakh and has sold them during the year for an amount of Rs. 2 lakhs. Such sale proceeds have also been credited in the bank account. Thus, from the aforesaid facts and materials on record, it is very much clear that the assessee did not make any investment in purchase of shares of M/s. Quality Synthetic Industries Ltd. and M/s. GL Estate Pvt. Ltd. The amount of Rs. 2 lakhs each considered towards investments in shares of the aforesaid two concerns are, in reality, sale proceeds received from s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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