Bogus LTCG - exemption u/s 10(38) on sale of shares denied - ...

Exemption Denial u/s 10(38) Overturned Due to Lack of Cross-Examination in Appellate Proceedings.

November 21, 2020

Case Laws Income Tax AT

Bogus LTCG - exemption u/s 10(38) on sale of shares denied - During the appellate proceedings, the assessee was not made available any such statement and even the right of cross examination was denied by the ld CIT(A) who exercises the co-terminus powers as that of the AO. - Therefore, the statement of a third party cannot be sole basis of the assessment without given an opportunity of cross examination and consequently it is a serious flaw which renders the order a nullity. - AT

View Source

← Previous Next →

Bogus LTCG - exemption u/s 10(38) on sale of shares denied - ...

Exemption Denial u/s 10(38) Overturned Due to Lack of Cross-Examination in Appellate Proceedings.

November 21, 2020

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal addressed the issue of alleged bogus long-term capital gain u/s 10(38) concerning a transaction involving shares of a company flagged as a penny...

Validity of reassessment order u/s 147 - Denial of Cross-Examination Opportunity - Reliance of statement of third party - The High Court noted that the petitioner did...

Assessee's claim for exemption u/s 10(35) was rejected by CPC while processing return u/s 143(1)(a), which attained finality as assessee failed to challenge it before...

The High Court addressed a case involving a violation of natural justice principles due to the rejection of the petitioner's request for cross-examination in a matter...

Violation of principles of natural justice - denial of cross-examination - revocation of customs broker license, forfeiture of security deposit, and penalty imposed by...

Long Term Capital Gain - denial exemption u/sec 10(38) - purchase and sale of shares and astronomical increase of share price of LD&PL which led to returns at 350%, in...

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) set aside the impugned order and remanded the cases back to the adjudicating authority. The appellants...

Bogus share transactions were alleged, and the Assessing Officer (AO) denied the assessee's claim for exemption u/s 10(38) by treating the sale consideration of shares...

Exemption u/s 10(38) - LTCG - general insurance business - In the present assessment year the ld AO has himself allowed exemption u/s 10(15)(iv)(h) of the Act in regard...

Levy of penalty u/s 271(1)(c) - Denial of exemption of capital gains u/s 10(38) on account of sale of shares - The Tribunal also emphasized that the Revenue had failed...

Powers of ITAT in dealing with the claim otherwise than by revised return - whether claim not allowed in the assessment proceedings be allowed during the appellate...

Bogus LTCG - genuineness of transaction not proved - exemption u/s 10(38) - assessee failed to prove genuineness of transaction and long-term capital gain on sale of...

Addition u/s 68 - Penny stock purchases - addition on account of Long Term Capital Gains (LTCG) which the assessee derived from sale of scrip - exemption u/s 10(38)...

Exemption to the assessee u/s. 10(38) - LTCG - exemption available to any other assessee u/s 10(38) relating to long term capital, would also be available to a person...

Exemption u/s. 10(38) of long term capital gain - genuineness of transaction in shares - transaction of sale of shares were real, genuine and for valuable consideration...

Quick Updates: