2015 (7) TMI 1046

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....ncome. b) The learned Commissioner of Income Tax (Appeal) erred in accepting the fraudulent claim of Mayur Chokshi and disregarding the assessee's own bank account where there was no credit of such amounts and also not considering the Affidavit-cum-Declaration filed by the Appellant before the learned CIT(A). c) The learned Commissioner of Income Tax (Appeal) also relied upon the fraudulent statement by the director; based on the reliance placed by assessing officer without going into the details pertaining to the Bank account of the payer as to whom the money has been given. d)   The learned report called for by the then Commissioner of Income Tax (Appeal) vide letter dated 1710912012 has not been replied by the asse....

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.... (Inv.) annexed the list of clients found from the office premises of M/ s. Mahasagar Securities Pvt. Ltd. The name of the assessee also appears as one of the beneficiaries who had entered into security transactions worth Rs. 5,20,215/ - and had taken bogus capital gain/speculative profit/bogus capital loss accommodation entries/bills in the F.Y. 2004-05. The AO, therefore found that the assessee's income amounting to Rs. 5,20,215/ - chargeable to tax in A.Y. 2005-06 had escaped assessment. The AO did not convince with the explanation of the assessee and came to the conclusion that it is very clear that M/s. Telent Infoway Ltd. is a bogus company, floated to conduct bogus share transactions, and the LTCG arising out of transactions carr....

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....not find any credit entry of Rs. 5,20,215/- to support the contention that assessee was in receipt of cheque of Rs. 5,20,215/- on account of bogus LTCG. Even before the lower authorities assessee has filed affidavit which reads as under:- " That the assessee has filed all the details and/ or explanation called for in the course of hearing and that we have to state that at no point of the time the assessee Miss Sheetal Pritam Bathija, has received any income by way of long term capital gain from Mahasagar Securities Pvt. Ltd., or any of the group companies of Mr. Mayur M. Choksi amounting to Rs. 5,20,215/ - (Rupees Five Lacs Twenty Thousand Two Hundred and fifteen only), which is also evident from the copy of the only savings Bank account....