Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 694 - AT - Income TaxDisallowance of claim of exemption u/s.10(38) - long term capital gains arising out of sale of 5500 equity shares of one M/s.Lifeline Drugs & Pharma Ltd. and treating the consideration received on such sale under the head "income from other sources" - whether transactions claimed by the assessee were real or sham? - Held that:- Before relying on such Investigation reports and statement of a third party, it should have been put to an assessee for rebuttal. Rules of natural justice requires that evidence which is used against the assessee is first put to it and explanation sought, before reliance is placed on such evidence. Therefore of the opinion that the matter requires a fresh look by the AO. Set aside the orders of the lower authorities and remit the question regarding genuineness of the claim of long term capital gains from alleged sale of shares of M/s.Lifeline Drugs & Pharma Ltd., back to the AO for consideration afresh in accordance with law. Assessee has to be given all records relied on by the ld. Assessing Officer so that it can offer its explanation. AO is also to keep in mind the spirit of the direction given by the Tribunal in the case of Heerachand Kanunga [2018 (6) TMI 1329 - ITAT CHENNAI] while coming to a conclusion. - Decided in favour of assessee for statistical purpose.
|