2012 (12) TMI 1109

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....been preferred by the two different assessees against the order of leaned CIT(A)-32, Mumbai relating to the assessment year 2005-06. 2. Since, the common issue is involved in both these appeals, therefore, they are disposed of by a single order. 3. The first issue is against confirmation of addition of Rs. 63,000/- and Rs. 52,500/- made by the Assessing Officer under Section 69 respectively ....

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....in the source. It was explained that the assessees have earned speculative profit from some brokers through whom shares were purchased and mostly were settled and, therefore, there is no undisclosed investments by these persons, however, the Assessing Officer was not satisfied. Accordingly, he made addition of Rs. 63,000/- and Rs. 52,500/- in the hands of these two assessees respectively. 4. Be....

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.... these assessees have purchased shares through M/s Abhijai Investment and they have received the sale certificate. Copies of the same are placed on record. Those shares were transferred in the name of these two assessees. There was a credit balance in respect of both these assessees with M/s Abhijai Investment and the same was adjusted against purchase of shares, therefore, this is not a case of u....

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.... the point of addition made and confirmed by the lower authorities. Neither copy of statement of Shri Narendra R. Shah was provided to the both the assessees nor the assessees were allowed for cross-examine the person on the basis of whose statement the adverse inference was drawn against these assessees. The shares were purchased through independent share brokers. Copy of their accounts is placed....