TaxTMI 
TaxTMI 
2025 (12) TMI 52
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....83,507/- as long term capital gain on sale of such shares. 4. As far as genuineness of acquisition and sale of subjects shares, are concerned, the Directorate of Income Tax (Investigation), Unit 2(1) Kolkata had carried out extensive investigations in the issue of providing bogus long term or short term ' capital gain accommodation entries to the desired beneficiaries and as a result of such investigation, it has been categorically established that the shares of M/s Multiplus Resources Ltd were in facts penny stocks which were used for accommodation entries by the alleged stock brokers and entry operators by rigging for illegal price - hiking through syridicate trading. It was observed that large amounts were credited/deposited mainly in the cash and bank accounts of the concerns i.e. Riddhi Siddhi Enterprises, S.D Trading Co, Gupta Enterprises, Jaiswal Trading, Rohan Singh which was subsequently transferred mainly to the bank account of M/s DLS Export Pvt Ltd, Chitraksh Vintrade Pvt Ltd, Sukalyana Infrastowers Pvt Ltd, Peacock Vintrade Pvt Ltd. On perusal of MCA website it is seen that M/s DLS Export Pvt Ltd, Chitraksh Vintrade Pvt Ltd, Sukalyana Infrastowers Pvt Ltd,....
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.... dates calling for information concerning the assessee for Year under consideration. Vide notice u/s.142(1) dated 26.08.2019 along transaction related to shares trading along with detailed questionnaire the assessee was asked to explain that there is suspicious 6.1 In compliance to the above the assessee denied to have made any share trading during the year under consideration. In response to letter issued u/s.133(6) of the Act, Shri Sunil Kay an stock broker at In Stock Exchange furnished the share trading detail of the assessee. He also furnished Contract Note dated 30.06.2011 in the name of the present assessee Shri Manish Kumar Mohta (HUF). Further, in the ledger and statement of accounts of the broker it is clearly given that, cheque of Rs. 506.58/- has been issued to the assessee on 05.07.2011. The copies are produced as under: 7. Keeping in view of the above facts and circumstances of the case, it is ascertained that an amount of Rs. 4,83,507/- credited is considered as unexplained sources of investment under section 69B of the Income Tax Act, 1961 and added to the total income of the assessee. Penalty proceedings u/s 271(1)(c) of the Income Tax Act is init....
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....in efiled his return of income on 27.04.2019 declaring total income at Rs. 305510/-. In support of his claim the appellant has also submitted copy of bank account and ledger details as under: In view of above discussion and details provided by the appellant it is seen that in this case the only basis of addition is the details submitted by M/s Sunil Kumar Kayan & Co. The details available with this office it is seen that the appellant is not a beneficiary of any gain from sales of shares amounting to Rs. 483507/- as no credit entry was available. The appellant has also denied-to enter in any trade with M/s Sunil Kumar Kayan & Co. during the assessment proceedings before AO. Ground no.1 is allowed. AO is directed to reduce the income of appellant by Rs. 483507/-. 7.2. In the result, appeal of the appellant is allowed. 4. I have carefully considered the submissions of the parties herein and documents placed on record. This is a case of taxation based on mistaken identity. The contract note of M/s. Sunil Kumar Kayan & Co. depicts the name of Manish Kumar Mohta, HUF with address 6, Vivekananda Road, Kolkata-700 001, however, PAN mentioned there is of the present as....
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....peal raised by the revenue are dismissed. 7. In the result, appeal of the revenue is dismissed. Order pronounced in open court on 07th day of August, 2025. ============= Document 1 MEMBER : CALCUTTA STOCK EXCHANGE ASSN. LTD. OFFICE : 8, LYONS RANGE, KOLKATA - 700 001 PHONE : 2239 9214 / 3220, 2231-6611 SERI REGISTRATION NUMBER : INB: 000058917 MEMBER CODE-03/749 YAYAN & C Date: 24/12/2019 TO. The Office Of The Income Tax Officer Ward-1(1). Bhilal, 18/32 Bungalow, Sector 6, Bhilal, Bhilal, Chhattisgarh-490006. Kind Attention: Mr. Permonand Unke Sub: Calling for information u/s: 133(6) of the I.T Act in the case of Manish Kumar Mehta HUE for A. Y.2012-13 (f.y. 2078-12). Dear Sir / Madam, We have received your letter no ITBA//AST/S/133(6)/2019-20/1022925794(1) dated 23/12/2019 in addressed to Sunil Kumar Kayan address 33. Raja Santosh Road, 6" Floor, Kolkata - 700 027. Please note that the address mentioned in your mail is Incorrect & my address is Sunil Kumar Kayan & co 8, Lyons Range Kolkata-700001.You have sought certain information for your assess sent Manish Kumar Mehta HUF Pan No. AAHHM3766Q for A.Y 2012-2013 (F.Y 2011-2012). In this regard ....
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....11106417174 OS-J.6-5011 2.50 2,004,37 STOCK EXCHANGE 06-06-2011 HIGHER EDU-GCATOS DR-HOPCH11146417174 0.00 STOCK EXCHMUMBAI . 05-JU-2011 EDU CEES-CD-RTOS DR-HOFCHỊ 1105417174 06-48-2011 6.05 STOCK EXCHMUMBU 05-06-2011 SERVICETAXADATOS DA-HDPCH11186417558 06-06-2011 2.50 STOCK EXCHMUMBAI 06-1/2011 |HIGHER EDUIGORTOS DR-HOFCH11155417655 STOCK EXICH MALDIBAI 0:06 STOCK EXCHMEN SERVICETAX-OG-RTOS DR-HDFCH11106410433 05-JJ-2011 2.50 STOCK EXCHUJILMEN 05-J&J-2011 EDU CESS-SC-RTOS DR-HDFCH11106119433 05-445-2011 STOCK EXCHIMUUDAI HIGHER EDU-SC-RTOS DR-HDFCHT1150416-413 STOCK EXCH,MUMBAI 06-34-2011 LOO SNEEP OUT-00170826004117 06-06-0011 8,443.430 CIEKOLKATA 06-04-2011 CHO PO-MOR NAY-SUBRATA KUINOU 1,070,429:31 4,313,200 ROYDSTRT,KOLKATA 600000012-457 -06-JU-2011 ROYOSTRT,KOLKATA 05-04-2011 CHO POMOR IWWW-JATHEREE KHEMAN 000000012441 |00-/6-2011 764,580.37 ROYDSTRT KOLKATA 06-06-2011 183,534.49 CHE,KOLKATA 06-J.6-2011 00000001-4213 05-06-2011 1.500,000.00 5,441,1705 RANOTRANOT Statement of accounts 6 6 6 6 Contents of this statemen....