TaxTMI 
TaxTMI 
2025 (5) TMI 2318
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....nd result of the same would be applicable mutatis mutandis to both the appeals under consideration. 3. In ITA No. 4192/M/2023, the case of the Assessee was reopened by recording reasons for reopening u/s 147 of the Act mainly on the reason that the Assessee during the assessment year has availed accommodation entries to the tune of Rs. 43,43,857/- on account of scrip M/s. Sampada Chemicals Limited, from the bogus entities of Shri Vipul Vidur Bhatt group. Consequently, the notice dated 22.03.2018 was issued to the Assessee and thereafter various statutory notices were also issued, in response to which the Assessee filed various details as called for. 4. The Assessing Officer (AO), considering the information received from the DDIT (Inv.) - 7(4), Mumbai and statement of Shri Vipul Vidur Bhatt, who was a director of M/s. Sampada Chemicals Limited as well and managing and controlling many entities for providing bogus accommodation entries, as per the data obtained from various sources, verified the same thoroughly and therefore show caused the Assessee "as to why the sale proceeds of penny stock namely M/s. Sampada Chemicals Limited amounting to Rs. 46,05,329/- and the accommodat....
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....on dated 01.10.2009; (d) copy of contract - cum - bills in respect of sale of 10,000 shares of M/s. Sampada Chemicals Limited made on the floor of Bombay Stock Exchange; (e) copy of bank statement highlighting the receipt of sale consideration; (f) copy of Demat statement highlighting the outward delivery of 10,000 shares. 11. The Assessee, therefore has claimed that by producing the aforesaid documents, she has established the ingredients of section 68 of the Act and discharged the initial burden cast on her u/s 68 of the Act and therefore no additions as made by the AO and affirmed by the Ld. Commissioner, are sustainable. Even otherwise, the AO has not rejected the Assessee's books of account u/s 145(3) of the Act and also not brought on record any cogent material/evidence to disprove the transactions carried out by the Assessee. 12. The Assessee further claimed that Jurisdictional Bench of the Tribunal in Assessee's family member's case titled as Krutika Rajendra Jain vs. ITO-19(2)(2) in ITA No. 139/M/2023 decided on 28.07.2023 has also dealt with the identical issue concerning the involvement of Shri Vipul Vidur Bhatt and the scrip involved i.e....
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....rtment. Once the onus on the Department was discharged, according to Mr. Suresh Kumar, by the Revenue-Department, then, such a finding by the Tribunal raises a substantial question of law. The Appeal, therefore, be admitted. 4. Mr. Gopal, learned Counsel appearing on behalf of the Assessee in each of these Appeals, invites our attention to the finding of the Tribunal. He submits that if this was nothing but an accommodation of cash or conversion of unaccounted money into accounted one, then, the evidence should have been complete. Change of circumstances ought to have, after the result of the investigation, connected the Assessee in some way or either with these brokers and the persons floating the two companies. It is only, after the Assessee who is supposed to dealing in shares and producing all the details including the DMAT account, the Exchange at Calcutta confirming the transaction, that the Appeal of the Assessee has been rightly allowed. The Tribunal has not merely interfered with the concurrent orders because another view was possible. It interfered because it was required to interfere with them as the Commissioner and the Assessing Officer failed to note some rel....
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....res of Bolton Properties Ltd. purchased by the Assessee during the month of January 2003 and he continued to hold them till 31 March 2003. The present case related to 20,000 shares of Mantra Online Ltd for the total consideration of Rs. 25,93,150/-. These shares were sold and how they were sold, on what dates and for what consideration and the sums received by cheques have been referred extensively by the Tribunal in para 10. A copy of the DMAT account, placed at pages 36 & 37 of the Appeal Paper Book before the Tribunal showed the credit of share transaction. The contract notes in Form-A with two brokers were available and which gave details of the transactions. The contract note is a system generated and prescribed by the Stock Exchange. From this material, in para 11 the Tribunal concluded that this was not mere accommodation of cash and enabling it to be converted into accounted or regular payment. The discrepancy pointed out by the Calcutta Stock Exchange regarding client Code has been referred to. But the Tribunal concluded that itself, is not enough to prove that the transactions in the impugned shares were bogus/sham. The details received from Stock Exchange have been relie....
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....o allegation against the assessee that it has participated in any price rigging in the market on the shares of RFL. 3. Therefore we find nothing perverse in the order of the Tribunal. 4. Mr. Walve placed reliance on a judgement of the Apex Court in Principal Commissioner of Income tax (Central)-1 vs. NRA Iron & Steel (P) Ltd (2019)(103 taxmann.com 48)(SC) but that does not help the revenue in as much as the facts in that case were entirely different. 5. In our view, the Tribunal has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analyzed and correct test is applied to decide the issue at hand, then, we do not think that question as pressed raises any substantial question of law. 9. In the case of PCIT vs. Indravadan Jain HUF (Income tax Appeal No.454 of 2018 dated 12th July, 2013), the Hon'ble Bombay High Court held as under:- "4. .....The CIT(A) came to the conclusion that respondent brought 3000 shares of RFL, on the floor of Kolkatta Stock Exchange through registered share broker. In pursuance of purchase of shares the said broker had raised invoice and....