DEPUTY COMMISSIONER OF INCOME TAX (IT), VISAKHAPATNAM vs. SHRI APPARAO MUKKAMALA, USA

In the result, the appeal filed by the revenue is dismissed, while for the cross-objection filed by the assessee is allowed

Bench: SHRI RAVISH SOOD, HON’BLE (Judicial Member), SHRI BALAKRISHNAN. S, HON’BLE (Accountant Member)

transfer of 1,06,900 shares by the assessee at Rs. 657 per share for a total consideration of Rs. 7,02,33,300. 4. On the other hand, the seized scribbling contained entries which the department construed as cash payments to certain persons, including the assessee. The noting in the seized scribblings mentioned, viz. “18/08/2015 – 100 cash Appa

ASHOK KUMAR AGRAWAL,VISAKHAPATNAM vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

transferring\nfunds through bank account which was not disputed by the Ld. AO. He\ntherefore submitted that assessee is not aware of the amount paid as premium by\nthe Kolkata and Delhi based companies whereas the assessee is aware of the\ninvestments made by him by acquiring the shares held by Kolkata and Delhi\nbased companies in M/s. Maa Mahamaya

SANTOSH AGRAWAL,CHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRLCE-1, VISAKHAPATNAM

transferring\nfunds through bank account which was not disputed by the Ld. AO. He\ntherefore submitted that assessee is not aware of the amount paid as premium by\nthe Kolkata and Delhi based companies whereas the assessee is aware of the\ninvestments made by him by acquiring the shares held by Kolkata and Delhi\nbased companies in M/s. Maa Mahamaya