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2021 (1) TMI 839 - AT - Income TaxBogus LTCG - Addition u/s 68 - exemption claimed u/s 10(38) was denied and sale proceeds of shares were considered as unexplained cash credit - CIT-A deleted the addition - HELD THAT:- Onus casted upon Ld. AO to corroborate the impugned additions by controverting the documentary evidences furnished by the assessee and by bringing on record, any cogent material to sustain those additions, could not be discharged. The whole basis of making additions is third party statement and no opportunity of cross-examination has been provided to the assessee to confront the said parties. As against this, the assessee’s position that that the transactions were genuine and duly supported by various documentary evidences, could not be disturbed by the revenue. We are of the considered opinion that the additions thus made by Ld. AO had no legs to stand and therefore, the same has rightly been deleted by Ld. CIT(A). Finding no reason to interfere in the impugned order, we dismiss the appeal.
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