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2023 (2) TMI 81 - ITAT DELHIScrutiny assessment - Non-issuance of statutory notice u/s 143(2) - Addition u/s 68 - certain information received from Directorate of Investigation, Kolkata regarding bogus entries of LTCG took into consideration the modus operandi and held the long term capital gain claim of assessee to be outcome of accommodation entries - assessee challenged addition as no notice u/s 143(2) of the Act was issued and not giving assessee an opportunity of hearing - HELD THAT:- The bench observes that the notice u/s 143(2) were issued by Ld. AO and the service was effected through speed post. The receipts of same were on record. The presumption of truth is attached to the official records and the same is required to be rebutted by evidences. There is no evidences of the assessee to controvert the same. Thus, in regard to the issue of non-issuance of statutory notice u/s 143(2) of the act the assessee has no case. Not giving assessee an opportunity of hearing - As there appears to be substance as Ld. AO seems to have taken into cognizance the detailed investigation report of the Investigation Wing and the modus operandi providing LPCG/STCL. Certainly the assessee needed an opportunity to explain that the investments in the scrips were outcome of wisdom and financial expediency. Thus, on that basis the issue requires to be restored to the files of Ld. AO and further determination of grounds is not necessary. The issue is restored to the files of Ld. AO to give an opportunity of hearing to the assessee to explain the material with Ld. AO of the Investigation wing and explain the transactions of LTCG - assessee will also be at liberty to also take the legal question that no addition in income can be made under the provisions of Section 68 of the Act, where assessee is not maintaining any books of accounts. The appeal is allowed for statistical purposes.
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