2017 (1) TMI 566

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....08.2005 for relevant AY declaring total income of Rs. 14,45,094/-. In the return of income, the assessee has shown Income from Salary, Income from House Property, Long Term Capital Gain (LTCG) and Income from Other Sources. The assessee claimed exemption in LTCG of Rs. 6,38,805/- on sales of share. The Assessing Officer (AO) received the information that assessee received bogus accommodation bills of Rs. 64,44,760/- on sale of share of Talent Inforways Limited, from Alliance Intermediateries & Network Pvt. Ltd., one of the group companies of M/s. Mahasagar Securities Pvt. Ltd., which is run by directors of the companies, Shri Mukesh Choksi and Shri Jayesh K. Sampat. Thus, the notice u/s 148 dated 29.03.2011 after recording the reasons of re....

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.... capital gains of Rs. 63/88/051/-. However; no documentary evidences in support of your claim, have been submitted/produced by you/ till date. Information has been received that you are one of the beneficiaries of the accommodation bills/contract notes provided by M/s. Mahasagar Securities Pvt. Ltd. and other group concerns through the directors Shri Mukesh Choksi and Jayesh K. Sampat. You are therefore requested to furnish the folio wings in respect of transactions of shares on which the long term capital gains of Rs. 63/88/051/- have been claimed to be exempted. (i) Demat Account Statement from the date of purchase of shares to the date of sale of shares/ in respect of which the LTCG was claimed to be exempted. (ii) Relevant contrac....

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....unal in Jafferali K. Rattonsey vs. DCIT [2012] 23 taxmann.com 21 (Mum). The Ld. DR for Revenue argued that during the search and seizure action u/s 132 of the Act at the premises of M/s Mahasagar Securities Pvt. Ltd. (MSPL) on 25.11.2009 regarding suspicious transaction being taken place in the Bank Account of this company and its related companies which were managed by Shri Mukesh Choksi and Jayesh K. Sampat. During the search operation, it was revealed that MSPL and its related group of 34 companies were run by Shri Mukesh Choksi who is engaged in providing bogus and speculating profit or loss on commodity trading for many years and on the basis of such information and material, the assessment in case of assessee was reopened. The assesse....