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| The Tax Publishers2020 TaxPub(DT) 2456 (Bang-Trib) INCOME TAX ACT, 1961
Section 68
Since assessee had not provided with all the relevant evidence relied upon by AO for making addition under section 68 and also opportunity of cross-examination of persons whose statements had been relied upon by Investigation Agency, issue was remanded to AO for fresh consideration to provide copies of statements to assessee.
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Income from undisclosed sources - Addition under section 68 - long-term capital gain on sale of shares - Assessee pleaded non-furnishing of investigation report and statements of persons on the basis of which conclusions had been drawn by AO
AO based on information emanated from investigation wing, treated long-term capital gain on sale of shares declared under section 10(38) as bogus and made addition under section 68. Assessee challenged this on the ground that no opportunity of cross examination was afforded to assessee.Held: Assessee should have been provided with all the relevant evidence relied upon by AO for making addition and also allow opportunity of cross-examination of persons whose statements had been relied upon by Investigation Agency. Accordingly, issue was remanded to AO for fresh consideration to provide copies of statements to assessee.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2015-16
IN THE ITAT, BANGALORE BENCH
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