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2018 (7) TMI 43 - AT - Income TaxIncome from sale of shares - "income from capital gains” or “income from other sources” - A.O. was of the opinion that capital gains declared by the assessee was bogus - Held that:- On identical facts, the ITAT Hyderabad Bench in the case of Smt. Sarita Devi vs. ITO and Ms. Nikita Kumar vs. ITO (2017 (5) TMI 1111 - ITAT HYDERABAD) allowed a similar contention of the other assessee's, mainly on the ground that neither the statement of Mr. Mukhesh Choksi was provided to the assessee nor the cross-examination was allowed and it was not even placed on record. Considering the similarity of facts and circumstances and binding nature of decision of the ITAT, the action of the A.O. in treating the LTCG and STCG as income from other sources was held to be not warranted. CIT(A) followed the decision of the ITAT Hyderabad on the ground that the facts are identical and unless it is contradicted by the Revenue, the findings and conclusions cannot be questioned at this stage. - Decided against revenue
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