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2020 (1) TMI 293 - AT - Income TaxBogus LTCG - unexplained cash credit u/s. 68 - HELD THAT:- Identical issue was considered by this Tribunal in the case of Shri Ramesh Kumar Shah [2018 (12) TMI 1761 - ITAT BANGALORE] and the Tribunal remanded the issue to the AO for fresh consideration with a direction that the assessee should be provided with all the relevant evidence relied upon by the AO for making the addition and also allow opportunity of cross-examination of statements of persons which has been relied upon by the Investigation Agency. We also find that the Hon’ble High Court of Karnataka has given similar directions in the case of Mrs. Chandra Devi Kothari [2015 (2) TMI 1313 - KARNATAKA HIGH COURT] wherein also the issue was with regard to long term capital gain on sale of shares being treated as unexplained cash credit u/s. 68 of the Act by the revenue. In the light of the aforesaid directions, we set aside the order of the CIT(Appeals) and remand the question of treating the long term capital gain as unexplained cash credit to the AO for fresh consideration as directed by the Tribunal in the case of Shri Ramesh Kumar Shah (supra). We make it clear that all issues raised by the assessee in this appeal are also left open for consideration.
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