2017 (6) TMI 589

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..... sition of law that statement or the evidence which is being relied upon by the AO for making the addition in the hands of assessee, the same should be confronted to the assessee and the assessee should be allowed to cross-examine the witness in this regard. AO was not justified in making addition in the hands of assessee, without allowing the assessee to crossexamine Mr. Mukesh Choksi, whose statement was relied upon for making the above additions. Thus set aside the order of CIT(Appeals) and restore the matter to the file of AO. Appeal of assessee allowed for statistical purposes. - ITA No. 558/Bang/2017 - - - Dated:- 26-5-2017 - Shri Sunil Kumar Yadav, Judicial Member Appellant by : Shri B. Sudheendra, CA Respondent by : .....

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..... 3.3 In any case and without prejudice, the orders passed by the authorities below being contrary to binding dictum of the jurisdictional High Court are bad in law and are liable to be quashed. 4. The assessing officer had in any case, erred in treating a sum of ₹ 61054/ - being purchase consideration paid on sale of shares as unexplained expenditure u/s 69C of the Act and taxing the same under time head Income from other sources' and the learned Commissioner Of Income tax (Appeals) has erred in confirming the same. The action of authorities below has no support in law; is contrary to facts and evidence available. Such a treatment deserves to be rejected totally. 5.1 In any case and without further prejudice, the au .....

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..... of Shri Mukesh Choksi and on the basis of the statement of Shri Mukesh Choksi, the AO has treated the share transactions entered upon by the assessee as bogus and made the addition of the same in the hands of the assessee. 3. The ld. counsel for the assessee further contended during the course of assessment proceedings assessee has asked for opportunity to cross-examine Shri Mukesh Choksi, whose statement is being relied upon for making the addition in the hands of assessee; but the assessee has not been afforded opportunity to cross-examine him. Rather, statement of Shri Mukesh Choksi recorded during the course of his own assessment was also not confronted to the assessee. Therefore, the additions made in the hands of assessee are not s .....

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