TaxTMI 
TaxTMI 
2011 (12) TMI 407
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.... appeal for asst. yr. 2002-03, the Department is objecting in deleting the addition of Rs. 12,48,481 made on account of accommodation entry taken for long-term capital gain and unexplained commission expenditure for assessment. For asst. yrs. 2004-05 and 2003-04 also, similar ground has been taken. However, the figure of deletion of addition is Rs. 10,55,235 and Rs. 23,49,000 respectively and also commission expenditure. 5. The learned counsel of the assessee stated that identical issue has already been disposed of in case of Dalpat Singh Choudhary vs. Asstt. CIT in ITA Nos. 201 and 202/Jd/2009 vide Jodhpur Bench of the Tribunal's order dt. 30th Nov., 2011 [reported at (2012) 65 DTK (Jd)(Trib) 148-Ed.], copy of the order was a....
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....ssee sold shares numbering 20,000 on 28th Aug., 2001 through M/s MKM Finse (P) Ltd., copy of which is placed at p. 231 of the paper book. Thereafter assessee sold further 41,700 shares, copy of the same is placed at p. 232. These shares were sold vide bill dt. 24th Aug., 2001. Payments have been received through account payee cheque. The certificate from M/s Stock Holding Corporation Ltd. through whom the shares are delivered is placed at pp. 235 and 236 of the paper book. After going through details, it is clearly seen that assessee purchased shares in earlier year. They were shown in the balance sheet which was filed along with the return of income. The payments were made through books of account which has not been doubted. The shares bel....
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....the statement of Shri Batra. Therefore, in our view, since the purchase of shares is genuine, the sale of the same shares should have been treated as genuine. Similar issue came before the various Benches of the Tribunal and time and again the Benches have decided that without bringing any cogent material on record, the claim of assessee cannot be denied in regard to sale of shares. 12. One of the decisions decided in case of Baijnath Agarwal vs. Asstt. CIT (2010) 43 DTR (Agra)(Trib)(TM) 149 by Agra Bench of the Tribunal. In this case also in similar manner the addition was made by treating the sale of shares as not genuine. The Tribunal held that purchase of shares was found genuine and they have been sold through proper banking ....
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....equisite burden that lay upon him. Accordingly the issue was decided in favour of the assessee. 15. Similar facts are involved in the present case. In the case in, hand, the shares were also purchased more than one year before the date of sale. The assessee is not possessing those shares and they have been transferred in the name of the buyer through Demat account. The payment had been received through proper banking channel. There is no record that the assessee had paid his own money in cash for issuing cheque in his name. As stated above, the purchase is not in doubt. Therefore, in our considered view, assessee has discharged his onus by filing all details whereas the AO has failed to discharge his onus to prove that assessee ha....
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....arty to the said order. In this case also the AO rejected the case based on a general statement give by Shri B.C. Purohit. The statement was given sometime in the year of 2005-06 whereas the transaction related to asst. yrs. 2003-04 and 2004-05. The AO drawing adverse inference on the basis of a general statement of Shri B.C. Purohit made the addition. The learned CIT(A) deleted those additions and on second appeal by Department, the order of learned CIT(A) was confirmed. The issue was examined at great length and then only the order of learned CIT(A) was confirmed. Here also, the facts are similar. A general statement given by Shri Batra was relied upon by AO and it did not borne out that where the statement was recorded and in what connec....