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2019 (10) TMI 970 - AT - Income TaxBogus LTCG - addition of unexplained cash credit u/s 68 read with section 115BBE - HELD THAT:- Transaction of the assessee of deriving long term capital gains by selling shares of M/s Trinity Tradelink Ltd. was treated as bogus by the Revenue only on the basis of suspicion and probability and without finding any defect in the various documentary evidences filed by the assessee and further, the finding recorded by ld CIT (A) that the addition has been made on independent analysis of the documents, is contrary to material available on record. As on perusal of the order of assessment, we find that no independent inquiry was made with regards to alleged entry operator Sh. Vikrant Kayan. Whereas, the sole basis of making the impugned addition was statement of Sh. Vikrant Kayan, which too was recorded behind the back of assessee by DIT (Inv) Kolkata and the statement alone cannot be the conclusive evidence to nail the assessee and hence needs to be excluded for consideration as the said person has not been allowed cross examination by assessee, even though various requests were made by assessee. As such, the transaction of the assessee was duly supported by relevant documentary evidences without there being any rebuttal by lower authorities; the addition made by the Assessing Officer by treating the LTCG as bogus is unsustainable Unexplained expenditure on commission - As transaction of long term capital gains derived by the assessee as genuine and as such, further addition made by the Assessing Officer on account of alleged commission is consequential and is also liable to be deleted - Decided in favour of assessee
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