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2022 (12) TMI 243 - ITAT LUCKNOW
Addition u/s 68 - Bogus Long Term Capital Gain on the scrip - Exemption u/s 10(38) denied - HELD THAT:- Where the assessees have filed all documentary evidences which have not been adversely commented by the authorities below, coupled with the fact that the authorities below have made and sustained the additions on the basis of statements of third parties which has not been made available to the assessees for cross examination despite the assessees’ specific request for the same, the addition sustained is not justified.
Above all, similar additions on the same scrip, which were made in the hands of Smt. Anita Singhania, on the basis of statements of certain persons, have been deleted by Kolkata Tribunal. Therefore, in view of the above, we hold that assessees are eligible for exemption of Long Term Capital Gain u/s 10(38) of the Act and we direct the Assessing Officer to allow the same and also direct Assessing Officer to delete the assumed commission, the addition of which has been made on presumptions only and therefore, ground of assessee are allowed.