2015 (10) TMI 2118

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....ommon issues are involved in both these appeals, these were heard together and are being disposed of by this consolidated order for the sake of convenience. 2. First, we take up the Assessee's appeal in ITA No.772/Ahd/2015 for AY 2006-07 (in the case of Shri Abhay Ashwinkumar Jain). The Assessee has raised the following grounds of appeal:- 1. That the learned Commissioner of Income Tax (Appeals) has erred in law and facts by confirming the action of the learned AO in making addition on account of the share investment of Rs. 35,10,838/- for the year under consideration and therefore the learned Assessing Officer be directed to delete the addition of Rs. 35,10,838/-, while computing the total income. 2. That the appellant craves liberty....

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....h the orders of the authorities below. The assessee has made written submissions which are reproduced hereunder:- "BEFORE THE HON'BLE INCOME TAX APPLEATE TRIBUNAL BENCH-AAHMEDABAD Name of the Assessee:- (1) Shri Abhaykumar Ashwinbhai Jain (2) Smt. Lalitaben Ashwinkumar Jain Appeal No.: (1) 772/AHD/2015 (2) 773/AHD/2015 Asst.Year : 2006-07 Appeal Against order of the ld.AO : 143(3)rws 147 Amount of Addition : (1) Rs. 35,10,838 (2) Rs. 27,12,900/- WRITTEN SUBMISSION With regard to the above appeals for the A.Y.2006-07, against the order under section 143(3) rws 147 of the Act, the appellants would like to submit the following submission:- Ground No 1: Addition on account of Unexplained Investment in shares tho....

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....purchases of the shares during the year under consideration (Refer Page No.42 and 43 of paper Book). (b) As the said shares have been sold by A C Jain & Co, activity of trading in shares and loss/income from same was not required to be reflected by the appellants. (ii) As stated by Shri Ashwin C Jain in the his statement, he has relation with New Generation Finvest Pvt. Ltd, to the extent of funding for the share application. Without prejudice to same, the relationship with the said concern is not relevant ,when the sources of fund is from the appellants Joint bank accounts stated in above Para 1, itself and therefore further, there is no question of payment of interest also for the same. (iii) The complete details of receipt and p....

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....of the said fact also, name of the appellants does not figure in the said bank statements also. B. In case of Shri Abhay A Jain. (i) With regard to Point No. (i),(ii),(iv) to (vi)-please refer Submission stated in para 4(i),(ii),(v),(vi) and (vii) respectively, in the case of Lalita A Jain. (ii) Point No.(iii )- The Account Number 3260 with Nutan Bank does not bears the name of the Appellant (Abhay) and only one page of bank statement shows account no.1540/3260 bears the name of the bank Account. It is submitted that the said both said accounts are same and it is clear from the amount of balance as on 6/1/2006 of Rs. 17,77,766.41 reflected in the bank statement (Refer pg 18 and 19 of Paper Book). (6) In view of the above facts, ....