9911796707
TMI Blog2014 (6) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... that the objections were not communicated to assessee during hearing of first appeal – thus, the matter is required to be remitted back to the AO for fresh adjudication – Decided in favour of Assessee. - ITA No. 5017/Del/2010 - - - Dated:- 26-5-2014 - Shri R. P. Tolani And Shri Shamim Yahya,JJ. For the Appellant : Shri K. Sampath Adv. For the Respondent : Ms. Syomana Sen Sr. DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... old the same through brokers. The consideration thereof was received by way cheque. The assessee claimed long term capital gains on sale of these shares held for more than one year, exempt u/s 10(38). Assessing officer disallowed the claim of exemption qua long term capital gains and held the sale proceeds of shares to be income from other sources, observing as under: From the foregoing discus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee could not establish genuineness of the transactions from which long term capital gain has been declared, the entire transaction of long term capital gain shown at Rs. 65,83,809/- is treated as undisclosed income of the assessee and disallowed u/s 68 of the Income-tax Act, 1961. 2.1. Aggrieved, assessee preferred first appeal where not only ld. CIT(A) upheld the assessing officer s action bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... natural justice audi alterm partem. 4. Ld. DR supported the orders of authorities below. 5. We have heard rival contentions, perused the material available on record. It does not emerge as to what is the exact allegation to assess the income of the assessee. Besides, ld. CIT(A) though has raised list of objections against assessee but it has not been disputed that these objections were not ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
