2021 (10) TMI 1238

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in (LTCG) of Rs. 8,72,578/- on sale of 13000 shares of System Cor. The assessee had purchased the said shares in the year 2005 for Rs. 46,352/- and sold the shares during the period relevant to assessment year under appeal for Rs. 9,18,830/-. The said shares were transacted by the assessee through Alliance Intermediaries and Network Pvt. Ltd. (in short 'Alliance'). The assessee claimed LTCG from sale of shares as exempt u/s 10(38) of the Income Tax Act, 1961 (herein after referred to as 'the Act'). The Assessing Officer(AO) held that the assessee has taken accommodation entries from the company belonging to Mukesh Choksi group. Alliance being one of the group concern of Mukesh Choksi there are no actual purchase and sale transaction of shar....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y him to provide accommodation entries, any transaction carried out by those firms would lack genuineness. The ld. DR prayed for reversing the findings of CIT(A) and upholding the addition made in assessment order. 4. Submissions made by ld. DR heard, orders of the authorities below examined. The AO has made addition primarily on the ground that M/s Alliance Intermediaries and Network Pvt. Ltd. through whom the assessee has carried out transaction of purchase and sale of shares belongs to Mukesh Chokshi group. The AO disbelieve share transaction carried out by the assessee through the aforesaid concern and thus, made addition of the entire consideration from sale of shares declared by the assessee. In First Appellate proceedings, the CIT....