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TMI Blog2019 (12) TMI 1668X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome of Rs. 12,84,670/-. Ld.AO observed that assessee has claimed exemption under section 10(38) amounting to Rs. 1,16,85,790/- towards sale of equity shares. The case was selected for scrutiny to verify the suspicions long term capital gains on shares in pursuance to the inputs from investigation wing. 2.1. Ld.AO observed that, during the year assessee sold 25,000 shares of M/s Sunrise Asian Ltd., at Rs. 492/- per share. Assessee upon being quarried by Ld.AO submitted that originally assessee bought 25,000 shares of M/s Conart Traders Ltd., for a price of Rs. 20/- each on to November 2011 through M/s Santoshima Trade Links Ltd. It has been submitted that, this company subsequently merged into M/s. Sunrise Asian Ltd., and shares of transf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ri vs ITO in Writ Petition No. 39370/2014 dated 02/02/2015, wherein matter was restored back to file of AO for fresh decision after providing copy of statement and other related details relied upon by Ld.AO. It has been submitted by Ld.AR that on identical facts and in respect of same script this Tribunal in case of individual set aside this issue too Ld.AO vide order dated 28/08/19 in ITA No. 699/B/2019 for assessment year 2014-15. Ld.Sr.DR on the contrary filed written submission stating that assessee's claim of genuineness is merely confined to the act that the shares were sold through recognised stock exchange and payment/receipt of consideration was through banking channels. He submitted that these transactions are tailor made and whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le that any evidence upon which the department may rely should have been subjected to cross-examination, if the assessing officer refuses to produce an informant for cross-examination by the assessee there cannot be any violation of natural justice." 6. Further in case of GTC Industries Ltd. V. Asstt. CIT reported in (1998) 60 TTJ (Bom-Trib) 308 , it has been held that, where statement and report of third parties are only secondary and subordinate material which were used to buttress the main matter connected with the quantum of addition, denial of opportunity to cross examine third parties did not amount to violation of natural justice. Each case has got to be decided on facts and circumstances of that case. Thus in our considered opinion ..... X X X X Extracts X X X X X X X X Extracts X X X X
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