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2018 (10) TMI 1914 - AT - Income TaxBogus LTCG - unexplained income u/s.68 - denial of exemption of long term capital gains arising on transfer of shares claimed u/s.10(38) -importance of providing an opportunity to cross examine the witness - HELD THAT:- As transactions claimed by the assessee whether real or sham, requires a revisit by the ld. Assessing Officer. Similar directions as given in the cases of Vimalchand Gulabchand, Praveen Chand, Gatraj Jain & Sons and Mahendra Kumar Bhandari [2018 (4) TMI 701 - ITAT CHENNAI], read along with the directions given in the case of Heerachand Kanunga [2018 (6) TMI 1329 - ITAT CHENNAI] are given here also. Useful reference may be made to the law laid down by Hon’ble Apex Court in the case of CIT vs. Sunita Dhadda, [2018 (3) TMI 1610 - SC ORDER] while affirming a judgment of Hon’ble Rajasthan High Court in the case of CIT vs. Smt. Sunita Dhadda [2017 (7) TMI 1164 - RAJASTHAN HIGH COURT] where the importance of providing an opportunity to cross examine the witness has been stressed. Their lordship held that this was an important constituent of natural justice - Appeal of assessee partly allowed for statistical purposes.
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