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TMI Blog2018 (12) TMI 521X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders of the AO and restore the matter of treatment of profit declared on sale of shares, claimed as exempt u/s 10(38) of the Act, to the file of the AO to re-adjudicate the issue afresh; after making available to the assessee for rebuttal all documents; including Statements, Investigation Reports, etc., relied upon by Revenue for making the additions/disallowances and providing adequate opportunity to the assessee for cross examination of persons whose statements are being relied upon. - Decided in favour of assessee for statistical purposes. - ITA No.597/Bang/2018 - - - Dated:- 5-12-2018 - SHRI N. V. VASUDEVAN, VICE PRESIDENT AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER For The Assessee : Shri. H. N. Khincha, CA For The Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rders being bad in law, void ab-initio are required to be quashed. 2 In any case the order passed in gross violation of the principles of natural justice and fair play, especially in the absence of the cross examinations of the persons whose averments arc sought to be relied upon by the Assessing Officer while passing the order, makes the order totally bad in law and liable to be cancelled. 3. In any case and without prejudice, the learned Assessing Officer has erred in making addition of ₹ 2,37,65,800/ - to the income of the appellant and the learned CIT (A) -5 has erred in confirming the same. The addition to the income is bad in both law and on facts and is liable to be deleted in entirety. 4. The learned Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, filed his return of income claiming income on sale of shares as exempt u/s 10(38) of the Act. The Assessing Officer (AO) treated the receipt of sale consideration as unaccounted income and made an addition u/s 68 of the Act. On appeal, the CIT(A) upheld the AO s order. However, on further appeal, the ITAT, Kolkata Bench allowed the assessee s appeal observing that the addition was unsustainable since the AO made the addition in a routine and mechanized manner, merely on suspicions based on Report of enquiries made by the Investigation Directorate of DIT, Kolkata, without bringing the same on record or confronting the assessee with OR supplying the assessee copies of the documents relied upon for making the addition and providing her oppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lly considered the material on record; including the judicial decisions cited and the orders of the authorities below. Taking into consideration the facts and circumstances of the case that the assessee specifically requested for cross-examination of the deponents whose statements were the basis of addition by the AO and also the report of the Investigation Directorate, Kolkata for rebuttal; the judicial decisions cited, we find that the issue for consideration is squarely covered by the orders of the Bengaluru ITAT in the cases of Arvind Kumar Moochand (supra) and Pukhraj Hasmukhlal (supra). Following the aforesaid orders (supra), we set aside the orders of the AO and restore the matter of treatment of profit declared on sale of shares ..... X X X X Extracts X X X X X X X X Extracts X X X X
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