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TMI Blog2019 (12) TMI 1668X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to provide all relevant documents to establish sound financial of alledged companies and that fluctuation in price was market driven. Ld.AO shall take all evidences into consideration and then decide the issue as per law. In the event de hors statement, there are overwhelming evidences and assessee is unable to establish genuineness of sale and purchase of alledged scripts, adverse view would be taken by holding the transaction to be sham. AO is directed to provide all statements recorded by investigation wing to assessee, referred to in assessment order. In the event, statements recorded are not of secondary and subordinate category, cross examination has to be granted to assessee. Ld.AO is directed to re-examine the case of asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ese shares were in physical form and assessee got the same dematerialised and was sold during the year under consideration. Assessee submitted before Ld.AO that transaction of sale was done through recognised stock exchange openly, and he was unaware of the scrip being a penny stock company. 2.2. It has been submitted that assessing officer concluded the assessment by holding that the transaction in the share price of M/s Sunrise Asian Ltd is not owing to commercial principles and market factors and that assessee resorted to a preconceived scheme to procure long term capital gains by way of price difference in share transactions. Ld.AO also held that assessee did not discharge his onus of proving the rise in share price to be natural and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... illegitimate. Ld.Sr.DR placed reliance upon order dated 17/09/19 passed by Hon ble Delhi High Court in case of Suman Poddar vs ITO in ITA No. 841/2019. We have perused decision of Hon ble Delhi High Court, wherein assessee raised plea regarding failure to accord opportunity of cross examination, for which Hon ble Court relied on judgment in case of Prem Castings Pvt. Ltd. Vs.CIT passed by Hon ble Allahabad High Court reported in 88 Taxmann.com 189, against which, SLP filed before Hon ble Supreme Court has been dismissed. We have perused submissions advanced by both sides in light of records placed before us. 5. We are conscious of principle laid down by Hon ble Supreme Court as well as various high courts that, without opportunity of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts, evidence adduced, presumption of facts based on common human experience in life and reasonable conclusions. 7. In present facts of the case it is further observed that Ld. AO has not examined/called for any evidences in respect of purchase/sale of alleged scripts. Assessee is therefore directed to provide all relevant documents to establish sound financial of alledged companies and that fluctuation in price was market driven. Ld.AO shall take all evidences into consideration and then decide the issue as per law. In the event de hors statement, there are overwhelming evidences and assessee is unable to establish genuineness of sale and purchase of alledged scripts, adverse view would be taken by holding the transaction to be sham. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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