TaxTMI 
TaxTMI 
2017 (11) TMI 976
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....ated 12.11.2008 of this Hon'ble Tribunal as the direction of the Tribunal to supply the material which was the basis of assessment that was used against the assessee, is till date not been complied with and the assessment is liable to be quashed. 2. The orders of the authorities below suffer from non compliance of principles of natural justice as well as non application of mind. 3. That the orders passed by the authorities below is bad in law on account of non consideration of the evidence adduced by the assessee in support of its grounds and pursuant to the order dated 12.11.2008, passed by this Tribunal. 4. That the order passed by the Ld. CIT(A) is liable to be set aside as it does not disclose the reasons ....
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....e same to be unsustainable as the material used against the assessee was not provided to him for rebuttal and that the request of assessee to summon the director of M/s. My Money Securities Ltd., for cross examination was turned down without any reason. On this, the Tribunal vide order dated 12.11.2008 restored the matter to the file of AO with the following observations : "7. We have given careful thought to the last addressed argument of the assessee. We find that the order passed by theAO is very cryptic and the only relevant observation is "Addition of Rs. 9,41,334 is made" as "accommodation entry". Against the assessment, the assessee raised the following ground of appeal before the ld. CIT(A):- "That issuance of noti....
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....e of the AO with the direction that request of the assessee be judicially considered in accordance with law and the assessee be informed of the material which is being used or, which is intended to be used against the assessee. Only after the above exercise, a fresh order, in accordance with law be passed. Accordingly, the appeal of the assessee is allowed for statistical purposes." 3. In the course of assessment proceedings taken in compliance to the above directions of the Tribunal, the assessee requested the AO vide letter dated 09.12.2009 to provide him copies of statements of Directors of M/s. My Money Securities Ltd., documents seized from M/s. My Money Securities Ltd. having relevance with the assessee and the assessment and appea....
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....of shares for crossexamination and to verify the impugned transactions of shares, but he failed to do so. The AO only provided the copies of statements recorded by the Revenue Authorities of Investigation Wing, but did not bother to issue summons to the share purchaser for cross examination with the appellant with respect to the impugned transactions of shares. It was also submitted that the ld. CIT(A) has recorded contrary facts that no details regarding share transactions were placed whereas contract notes etc. of the broker were furnished before the authorities below. He, therefore, submitted, that there being no material on record to treat the impugned share transactions as sham and there being failure on the part of AO to comply with t....
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....e transaction, has stated that the assessee failed to submit the details of purchase and sale of shares as required by the AO in the original reassessment proceedings. In this context, we find that the assessee made a reply before the AO on 22.12.2009 categorically stating that the assessee had produced before the AO cash book, ledger and other relevant records for the assessment year 1998-99 and 1999-2000 except the sales/purchase vouchers/brokers note. The assessee has also mentioned in the said reply that he is submitting following documents with this reply alongwith sale / purchase vouchers/broker notes with consolidated chart of such sale/purchase transactions of various scrips before the AO in the fresh assessment proceedings : ....
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....aken by the AO without making proper examination of record. The assessee has also filed a rectification application before the ld. CIT(A) stating therein that the assessee produced all relevant records as broker contract notes etc. which were furnished at page No. 1 to 40 of the paper book before the ld. CIT(A). We have also examined the broker's notes filed before us by the assessee, but the same need proper examination or verification at the stage of authorities below. We also find that last transaction was undertaken as per ledger account on 17.03.1998. The assessee has produced ledger account of My Money Securities Ltd. at page No. 2 of the paper book in which the assessee has debited to My money Securities Ltd. on different dates as pe....