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2018 (12) TMI 521 - AT - Income TaxUnexplained cash credits u/s 68 - exemption u/s 10(38) denied - bogus share capital gain - Held that:- Assessee specifically requested for cross-examination of the deponents whose statements were the basis of addition by the AO and also the report of the Investigation Directorate, Kolkata for rebuttal; the judicial decisions cited, we find that the issue for consideration is squarely covered by the orders of the Bengaluru ITAT in the cases of Arvind Kumar Moolchand [2017 (5) TMI 1643 - ITAT BANGALORE] and Pukhraj Hasmuchlal [2018 (1) TMI 1406 - ITAT BANGALORE] Following the aforesaid orders (supra), we set aside the orders of the AO and restore the matter of treatment of profit declared on sale of shares, claimed as exempt u/s 10(38) of the Act, to the file of the AO to re-adjudicate the issue afresh; after making available to the assessee for rebuttal all documents; including Statements, Investigation Reports, etc., relied upon by Revenue for making the additions/disallowances and providing adequate opportunity to the assessee for cross examination of persons whose statements are being relied upon. - Decided in favour of assessee for statistical purposes.
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