Bogus share transactions - Reliance on the statement of ...

Opportunity Denied: Tribunal Dismisses Evidence Due to Lack of Cross-Examination in Share Transaction Case.

January 27, 2024

Case Laws Income Tax AT

Bogus share transactions - Reliance on the statement of broker/entry operator - the denial of opportunity for cross-examination by the Assessing Officer was a failure of the principles of natural justice and thus the evidence used against the assessee was discarded. The Tribunal also recognized the assessee's documentation supporting the transactions, including ledger accounts, purchase and sale bills, and bank statements. - AT

View Source

← Previous Next →

Bogus share transactions - Reliance on the statement of ...

Opportunity Denied: Tribunal Dismisses Evidence Due to Lack of Cross-Examination in Share Transaction Case.

January 27, 2024

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal considered a case involving contravention of section 9(1)(f)(i) of FERA 1973. The appellant argued lack of material and violation of natural...

The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal against the assessee company. The assessee had furnished all relevant documents and evidence to...

This case pertains to an alleged offense under FEMA involving bogus purported exports with inflated invoices to obtain export benefits, where the goods never reached the...

The ITAT Indore addressed unexplained cash investment for property purchase post search operation. Addition without cross-examination was challenged. The Tribunal...

Violation of principles of natural justice - opportunity for cross-examination. Evidentiary value of statements recorded u/s 14 of the Central Excise Act, 1944 cannot be...

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...

Clandestine removal demand based on electrical consumption was challenged. Average electricity consumption for certain periods was calculated. Cross-examination of...

The appellant sought stay of the impugned order citing violation of principles of natural justice due to denial of cross-examination of witnesses in quasi-judicial...

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

The Tribunal held that the original adjudicating authority had erred in denying the opportunity of cross-examination to the respondent during the adjudication...

The Appellate Tribunal addressed the issue of penalty imposition u/s 112(a) of Customs Act, 1962 due to failure to allow cross-examination of panchas and experts,...

Principles of Natural Justice - Levy of Penalty - It is no doubt true that there is no right of cross-examination if sufficient corroborative evidence exists, but in the...

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 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...

The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act...

Quick Updates: