2016 (7) TMI 1389

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.... the ld.CIT(A)-30, Mumbai for the assessment year 2008-09. 2. The assessee has raised the following grounds: "1. Under the facts and circumstances of the case and in law the ld.CIT(A) has erred by upholding the initiation of re-assessment proceedings carried on by the learned AO; 2. Under the facts and circumstances of the case and in law the learned CIT(A) has erred by upholding the continua....

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....ed out search and seizure operation in the hands of a person named as Shri Mukesh Chokshi, who admitted that he and his group of companies were engaged in the business of providing accommodation bills for purchase and sale of shares in order to enable the persons to generate the speculation profit /loss, Short Term Capital Gain and Long Term Capital Gains etc. It was noticed that the assessee here....

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..... Hence the same is dismissed. 5. The next issue relates to the assessment of purchase value of shares as income of the assessee and also the addition relating to estimated expenditure. The ld. Counsel appearing for the assessee submitted that assesses herein had sought for cross-examination of Shri Mukesh Chokshi, since the AO framed the assessment on the strength of the statement given by Shri ....

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.... the Ld A.R, the assessing officer has made the impugned additions only on the basis of statement given by Shri Mukesh Choksi. Accordingly, I am of the view that the assessees herein should be provided with adequate opportunity to crossexamine Shri Mukesh Chokashi. Accordingly, I set aside the order of ld. CIT(A) in respect of both the additions referred above and restore them to the file of the A....