TaxTMI 
TaxTMI 
2018 (11) TMI 408
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....ssessment Year 2015-16. Since issues involved in all the appeals are common, arising out of identical set of facts, therefore, same were heard together and are being disposed of by way of this consolidated order. 2. I will first take up the appeal in the case of Smt. Sadhana Rastogi, being ITA No. 2131/Del/2018 and my finding given therein will apply mutatis mutandis in all the appeals, since similar facts and findings are permeating in all the appeals. The assessee is aggrieved by addition of Rs. 30,58,008/- which was claimed as Long Term Capital Gain by the assessee on sale of listed equity shares of 'M/s. Channel Nine Entertainment Ltd.' by treating it as income from other sources and taxing it u/s.68 of the Act. 3. The brief facts and....
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....ay Financial Services Ltd. which was one of the entities utilized for providing entry of bogus Long Term Capital Gain of M/s. Channel Nine Entertainment Ltd., which was recorded by Investigation Wing Team, Kolkata. From the said statement, he came to the conclusion that Channel Nine Company is a 'Jama Kharchi' company through which manipulative transaction in securities has been done. After rejecting the assessee's evidences filed in support of purchase and sale, he treated the amount of Rs. 30,58,008/- u/s.68 of the Act. 4. Ld. CIT (A) too has confirmed the said action of the Assessing Officer and has gone by the statement of the employee of M/s. Gateway Financial Services Ltd. and how the Investigation Wing has exposed the bogus entry ma....
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....033/- during the month of December, 2014 through HDFC Security Ltd. on the recognized Bombay Stock Exchange (BSE) after payment of STT as is evident from copy of statement and contract notes issued by HDFC Security Ltd. On sale of such shares, DEMAT A/c of the Assessee with HDFC Bank was duly credited on 19.12.2014 and 22.12.2014. e) Relevant bank statement of the assessee with HDFC Bank from which it is evident that the sale proceeds were received by bank transfer. 6. Once, assessee has purchased the shares duly debited in the books of account and payment made through banking channel which has not been doubted as Assessing Officer and has given the benefit of purchase of the shares and the said shares were duly transferred to DEMAT with....
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....TAT in the case of ITO vs. Arvind Kumar Jain HUF (2017) [51 CCH 0281] dated 18.09.2017 Copy of the judgment of Hon'ble Kolkata ITAT in the case of Manish Kr. Baid Vs. ACIT (2017) [60 ITR (tri) 0266] dated 18.08.2017 Copy of the judgment of Hon'ble Bombay ITAT in the case of Kamla Devi S. Doshi & Ors. Vs. ITO & Ors. (2017) [50 CCH 0072] dated 22.05.2017 Copy of the judgment of Hon'ble Ahmedabad ITAT in the case of Sunita Jain Vs. ITO (2017) [49 CCH 330] dated 09.03.2017 Copy of the judgment of Hon'ble Bombay ITAT in the case of Farrah Marker vs. ITO (2016) [46 CCH 0535] dated 27.04.2016 7. On the other hand, learned Department Representative has strongly relied upon the order of the Assessing Officer and ld. CIT(A), submitted that, ....
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....nt from the statement and contract notes issued by the HDFC Securities Ltd. On sale of such shares, DEMAT account of the assessee with HDFC Bank was duly credited on 19.12.2014 and 12.12.2014. The sale proceeds have been duly received through bank transfer in the assessee's bank account with HDFC. None of these evidences or documents have been negated or have been inquired upon by the Assessing Officer or ld. CIT (A). Learned Assessing Officer without any material or information on record pertaining to the assessee has referred to some inquiry conducted by Investigation Wing Kolkata way back, wherein racket of entities providing bogus entries of Long Term Capital Gain was unearthed. After explaining the general modus operandi how entry prov....
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....rom the audited balance sheet and the P&L account of the said Company for the financial years 2013-14, 2014-15 and 2015-16. Further this company has always been listed in BSE and never got delisted. The entire transaction of sale has taken place through HDFC Securities Ltd. against which there is no information or material by the Department that such a reputed company was involved in providing some kind of bogus accommodation entry. It is seen that the authorities below have gone completely by general perception rather than that any contrary evidence or material found against the assessee. 9. Another important fact which is to be noted here is that purchase made in the earlier year has not been disturbed and once the entire transaction is ....