2026 (4) TMI 634

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....,934/- under section 68 in violation of rules of natural justice. The AO has made no attempt to bring in any evidence contrary on record to refuse and reject the explanations supported by evidences produced by the Assessee. The AO has found no defect in evidences but rejected the same on the basis of doubt and surmises. Thus the order of assessment is void and bad in law. 2. The officer is required to make "Inquiries" under section 142 of the Act before passing order under section 143, making addition of Rs 2,87,47,934/- under section 68. It is evident from the records that the order of assessment is passed without inquiry. The Learned AO as well as Learned CIT Appeals, has ignored all relevant facts placed on record i.e. ....

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....ed to the assessee. The assessee filed submissions. The assessee company is engaged in the business of trading of Mukhwas in the name of proprietorship concern of M/s. Maruti Agencies during the year under consideration. The Assessing Officer observed that the assessee has shown long term capital gains and claimed exemptions u/s. 10(35) of the Act of Rs. 2,87,47,934/- for the year under consideration. The assessee reported that the assessee has sold the equity of Moneytech Finlease Ltd. through Karvy Stock Broker during the year under consideration at Rs. 2,87,47,934/-. The assessee purchased directly from the company, Moneytech Finlease Ltd. equity share of 75000 @ Rs. 10 each on 07-11-2014. The Assessing Officer observed that the assessee....

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....that extent before the Assessing Officer showing that the payment was made and the said company, Moneytech Finlease Ltd. has given acknowledgement slip dated 07-11-2014 which is at page 175 of the paper book. The ld. A.R. also pointed out the intimation of allotment of shares dated 16-11-2014 issued by the said company in the name of the assessee which is at page 176 of the paper book. The assessee has also given the consolidated account statement thereby describing the demat account issued by Shah Investor's Home Ltd. The A.R. further submitted that the assessee has received preferential allotment of shares and therefore once the assessee has established that the assessee has purchased it through genuine sources from the company itself. Th....

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....50 1,983 226 11 05.05.2016 5,000 CC 0352846 19,81,550 1,986 227 12 09.05.2016 4,000 CC 0384115 15,89,200 1,592 228 13 10.05.2016 2,500 CC 040184 9,92,000 994 229 14 12.05.2016 3,000 CC 0433560 11,90,250 1,193 230 15 13.05.2016 2,000 CC 0449949 7,93,500 795 231 16 17.05.2016 4,500 CC 0482143 17,85,150 1,789 232 17 18.05.2016 5,000 CC 0498362 19,86,000 1,990 233 18 19.05.2016 4,500 CC 0514322 17,86,500 1,790 234 TOTAL 75,000   2,97,55,185 29,818   The above statement proves that the sale took place on Recognised Stock Exchange and STT ....