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2019 (3) TMI 632 - AT - Income TaxBogus claim of long term capital gains - addition u/s 68 - non providing an opportunity to cross examine the witness - Held that:- The 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 (HUF) and Mahendra Kumar Bhandari (supra), read alongwith the directions given in the case of Heerachand Kanunga [2018 (4) TMI 701 - ITAT CHENNAI]are given herealso. 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 - SUPREME COURT OF INDIA] 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. Only after all the steps required under law is complete, it can be ascertained whether claim of capital gains was bogus or not.- Appeal of the assessee is allowed for statistical purposes.
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