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2017 (11) TMI 976 - AT - Income TaxReassessment of proceeding - AO while making the addition in reassessment proceedings, did not consider the request of assessee to provide him the information received against the assessee and to give him an opportunity to cross-examine the said broker by issuing summons to him - Held that:- The assessee has received the payments on 02.09.1998 of ₹ 5 lacs and ₹ 4,41,333-50 on 22.09.1998, which is after about six months from the last transaction/settlement date, as noted above. It is also found that in some Broker’s notes certain columns such as order No. Trade No. Trade time, are lying blank. The authorities below are required to examine the effect of these columns as also the settlement period as per National Stock Exchange Rules prevailing at the relevant point of time. We, therefore, feel it expedient in the interest of justice that thorough examination and proper verification of the impugned share transactions is necessarily to be made independently with reference to the documentary evidences laid by assessee and in the light of above observations in order to check the genuineness of the impugned transactions. We, therefore, set aside the order of the ld. CIT(A) and restore the matter back to the first appellate authority to decide the appeal afresh after making proper examination in the light of observations made in the body of this judgment. The ld. CIT(A) if feels necessary, may take remand report from the AO in this regard. Appeal of the assessee is allowed for statistical purposes.
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