Bogus capital gain: Mere Sec. 131 Statement not sufficient for addition

Advertisement Lower authorities had placed heavy reliance on the statement of Sh. Mukesh Choksi (supra), wherein the latter had admitted that the  Mahasasgar Securities P. Ltd. and Alliance Intermediaries & Network P. Ltd. were floated by him and were used as facilitator in furtherance of his business of providing accommodation entries. We though are persuaded to be in agreement with the observations of the lower authorities, that in the backdrop of the admission made by Sh. Mukesh Chokshi (supra) in his statement recorded u/s 131, there can be no doubt as regards the state of affairs ...