TaxTMI 
TaxTMI 
2013 (1) TMI 843
X X X X Extracts X X X X
X X X X Extracts X X X X
....de Links Ltd. on 01.02.2000 directly from the company and shares were accordingly allotted to the assessee at the rate of Rs. 10/- per share. Copies of the allotment of share certificates and allotment advice are filed in the paper book at pages 33 to 63. Thus, the shares were purchased in preceding assessment year. The assessee, therefore, claimed that the share transactions entered into by the assessee are completely genuine. The assessee has sold 6000 shares of M/s. Capital Trade Links Ltd. on 03.04.2001 at the rate of Rs. 99/- per share for a total sale consideration of Rs. 5,94,000/- and Rs. 5,91,240/- and brokerage was deducted and remaining amount was remitted through account payee cheques, which were deposited in the bank account o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ction. The ld. CIT(A), therefore, found that there was no adverse material against the assessee to show that the assessee received accommodation entries or entered into bogus transaction and according, the addition was deleted. 3. The ld. DR relied upon the order of the AO. On the other hand, the ld. Counsel for the assessee reiterated the submissions made before the authorities below and also referred to the documents of purchase and sale and quotations from M.P. Stock Exchange to prove that the assessee entered into transactions genuinely and also submitted that no evidence was brought against the assessee that the assessee entered into bogus transactions and no material collected at the back of the assessee was confronted to the assesse....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... However, the ld. Counsel for the assessee filed copy of the Tribunal order in their cases dated 31.03.2009 in which the ITAT, Agra Bench deleted the similar additions and no reliance was placed on the statement of Shri Mukesh Gupta and his wife. The order of the Tribunal has been confirmed by the Hon'ble Allahabad High Court vide order dated 15.02.2011. In the aforesaid decision, it was found that those assessees had obtained shares in preferential allotment directly from the companies and the purchases declared in the balance sheet of earlier years, which were accepted by the department. Shares were sold to the registered stock brokers and stock exchange. Brokers have confirmed that money was given through draft. Hon'ble Allahabad High Co....
X X X X Extracts X X X X
X X X X Extracts X X X X
....confronted to the assessee. Therefore, the same cannot be read in evidence, which is also substantiated by the decision of Hon'ble Supreme Court in the case of Kishan Chand Chelaram vs. CIT, 125 ITR 713. Considering the totality of facts and circumstances, in the light of the decision of the jurisdictional Allahabad High Court in the group cases above, we do not find any justification to interfere with the order of the ld. CIT(A) in deleting the addition. The assessee on the basis of evidence and material on record has been able to prove that he has received entire sale consideration of shares through known sources. Therefore, no addition u/s. 68 could be made against the assessee. As a result, the departmental appeal fails and is dismissed....