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2022 (4) TMI 1479 - AT - Income TaxBogus LTCG - investigation report of department which concluded that prices of certain scripts were being manipulated to generate artificial capital gains - assessees has also arranged long term capital gains on the script of Sulabh Engineers & Services Ltd. which was part of 84 penny stocks identified by the department in it’s investigation report - HELD THAT:- As documentary evidences for purchase and sale of shares has not been disputed by the department and neither any adverse findings has been made on such evidences. The only reason for rejecting the claim of the assessees is the investigation report of department and certain adverse statements of the some persons. The assessees had requested to Assessing Officer for making available complete statements of such persons and also wanted to cross examine the witnesses of Revenue. A copy of request letter to Assessing Officer is placed - AO in turn requested the assessees to produce the witnesses which is not in accordance with law as the Revenue was responsible for making available it’s witnesses before assessees for their cross examination. The issue of cross examination was also not considered properly by ld. CIT(A). Therefore there is a violation of principles of natural justice also. Various benches of the Tribunal under similar facts and circumstances has decided similar issues in favour of the assessees which has been relied on by the assessees. The Lucknow Bench of the Tribunal also under similar circumstances in various cases has decided similar issues in favour of the assessee in various cases - Decided in favour of assessee.
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