TMI Blog2023 (2) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... mption 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 dete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... him 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 and made the addition u/s 68 of the Act and further invoking section 115 BBE of the Act. 2.1 Ld. CIT(A) confirmed the same, therefore, assessee is in appeal raising following grounds : 1. The order is bad in law and facts of the case. i. Because the Ld. CIT has confirmed the addition even that all documents related to transaction were submitted and without verification the same were disbelieved amounting to Rs. 6856408/-. ii. Because the Ld. CIT has confirmed the addition even no opportunity of cross examinati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment, Ld. AO had confronted and sought response of the assessee with regard to the information which Ld. AO had relied to conclude that the LTCG claim of assessee was the outcome of any fraudulent and bogus entry operations. 4.1 On the other hand, on the basis of assessment record Ld. DR submitted that notices were duly issued and the record reflected the same. It was submitted that additions have been made on the basis of bank account statements which do not form part of the books of accounts and that during assessment sufficient opportunity was given to the assessee, as reflected in the assessment order. Accordingly, it was submitted that there is no error in the findings of Ld. Tax Authorities below. 5. At the outset, it is relev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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