Failure To Provide Copy Of Statement Relied Upon And Of Cross-Examination Renders Assessment Order Void: ITAT Ahmedabad

In the case of Sunita Jain vs. ITO, ITAT Ahmedabad has held that:

There is no denying that consideration was paid when the shares were purchased. The shares were thereafter sent to the company for the transfer of name. The company transferred the shares in the name of the assessee. There is nothing on record which could suggest that the shares were never transferred in the name of the assessee. There is also nothing on record to suggest that the shares were never with the assessee. On the contrary, the shares were thereafter transferred to demat account. The demat account was in the name of the assessee, from where the shares were sold. In our understanding of the facts, if the shares were of some fictitious company which was not listed in the Bombay Stock Exchange/National Stock Exchange, the shares could never have been transferred to demat account. Shri Mukesh Choksi may have been providing accommodation entries to various persons but so far as the facts of the case in hand suggest that the transactions were genuine and therefore, no adverse inference should be drawn.

To Download the Judgement, Please Click Here

    Leave a Comment

    Your email address will not be published. Required fields are marked *