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2017 (12) TMI 1650 - AT - Income TaxAddition u/s 68 - sale proceeds of shares treated as income from undisclosed sources - rejecting the assessee’s claim of long term Capital Gains (LTCG) on sale of those shares - claim of exemption u/s 10(38) denied - Held that:- AO did not provide the copies of evidences received by him from Director of Investigations, Kolkata, based on which he made the addition to the assessee. The cross-examination of the persons whose statements were relied upon by the Investigation Wing and the Assessing Officer for making the addition were not provided to the assessee. AO mechanically and arbitrarily followed the investigation report without establishing any link of the Report with the assessee and without any independent investigation on independent application of mind.The addition to income was done on presumption and assumptions without any authentic legal evidence. Issue is covered by case of Mahendra Kumar Baid [2017 (10) TMI 522 - ITAT KOLKATA] - Decided in favour of the assessee.
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