2015 (5) TMI 460

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....iled by the assessee against the order of CIT(A), dated 8-12-2011 for assessment year 2003-04, in the matter of order passed u/s.143(3) r.w.s 147 of the I.T. Act. 2. In the grounds of appeal, assessee is aggrieved for reopening of assessment u/s.147 as well as for merit of the addition made on account of income from undisclosed sources. 3. Rival contentions have been heard and record perused....

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....uthorized and against the provisions of the SCRA Act, 1956. On the basis of the details obtained during the search by the investigation wing, it was noted that the assessee also had made sales and purchases of shares of M/s Buniyad Chemicals Ltd through M/s. Gold Star Finvest P.Ltd which had provided the accommodation entries. M/s Buniyad Chemicals Ltd as well as M/ s. Gold Star Finvest P.Ltd were....

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....pted for demat mode of trading on the Ahmedabad Stock Exchange & as a consequence of which, the assessee converted the entire physically held 15000 shares into a dematerialized form from 27th December 2001 through IL&FS Securities Services Limited. Subsequently assessee sold the entire 15,000 shares of the said company during 5th February 2003 to 26th February 2003 for a sale consideration totalin....

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....of the @ group, Shri Mukesh Choksi, had admitted that all the transactions carried out by his various companies were bogus and he only provides accommodation bills. 7. Learned AR also placed reliance in the case of Shri Anantrai B Shah vs. ITO 21(1)(1), Mumbai vide IT Appeal No. 1842 of 2012, order dated 14/12/2012, wherein it was held that Shri Mukesh Choksi has issued a general statement, how....