9911796707
TMI Blog2013 (10) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted in all these quantum appeals, the only/main issue is regarding the action of the CIT(A) in confirming the order of the AO that capital loss suffered by the assessees on sale of shares was not genuine, and therefore, the AO had rightly disallowed the same. He submitted that the Tribunal in the assessees' appeals, has restored the matter to the file of the AO with certain directions including that the assessee be permitted to cross-examine Shri Ashok Gupta, broker in the deal of purchase and sale of shares, and also put the onus on the assessee to produce the said witness, Shri Ashok Gupta for examination. The matter went upto the Hon'ble jurisdictional High Court, wherein the assessee contended that the assessee could not be asked to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter allowing opportunity of hearing to the assessee. 3. The learned Sr.DR submitted that it has no objection if the matter is restored to the file of the AO for de novo assessment order, as the Revenue has other evidence on record to hold that transaction was not genuine. 4. We have considered rival submissions carefully, and also perused the orders of the Revenue authorities as well that of the Tribunal and the order of the Hon'ble jurisdictional High Court. We find that having considered the rival pleas of the parties, the Hon'ble High Court has remanded the issue to the file of the Tribunal with direction to discard the evidence of Shri Ashok Gupta, while deciding and considering the assessees' appeals. The operative part of the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the same. Proceedings are remanded before the Tribunal. The Tribunal is requested to rehear the appeals. It is clarified that evidence of Shri Ashok Gupta shall, however, be discarded while considering and deciding the assessee's appeal. We have not expressed any opinion on the remaining contentions of the rival parties. Appeal stands disposed of accordingly." Both the parties before us submitted that the matter may be restored to the file of the AO with direction to frame the assessments de novo, after discarding the evidence of Shri Ashok Gupta, on the basis of other evidence on record, and after giving opportunity of hearing to the assessee. In these facts of the case, we are of the view that it shall be in the interest of justice to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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