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| The Tax Publishers2020 TaxPub(DT) 4896 (Bang-Trib) INCOME TAX ACT, 1961
Section 68
Where addition was made under section 68 by rejecting the claim of deduction under section 10(38) without providing opportunity of fair hearing to assessee, matter was remanded for consideration a fresh.
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Income from undisclosed sources - Addition under section 68 - No fair opportunity of hearing -
Assessee filed appeal against the order of AO treating consideration received for sale of shares as bogus transaction and thereby making addition under section 68 by rejecting the claim of deduction under section 10(38) without providing opportunity of fair hearing. Held: As decided in case of Kirti K. Bhansali [ITA No.105/Bang/2019, Order, dated 24-5-2019] it was held that since the assessee had been denied an opportunity of fair hearing by providing copy of the statement and related details, the matter was required to be reconsidered by the AO by providing fair and reasonable opportunity of hearing to the assessee after furnishing details/copy of the statement based on which the impugned assessment order has been passed. Following the same, matter was restored back to the file of the AO for fresh decision.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2015-2016
IN THE ITAT, BANGALORE BENCH
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