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of <h1>Revised return claiming exemption under s.10(38) invalidated for denial of cross-examination and AO's failure to heed CBDT circular</h1> <h3>PR. COMMISSIONER OF INCOME TAX 1 Versus KUNTALA MOHAPATRA</h3> SC dismissed the SLP, upholding the HC and ITAT rulings that the assessee's revised return claiming exemption under s.10(38) required a fair opportunity ... Exemption u/s 10(38) claimed in revised return - bogus LTCG on shares - revised return was filed by the Assessee claiming the above exemption which was denied - denial of an opportunity to cross examine the entry providers - HC held that [2023 (2) TMI 1277 - ORISSA HIGH COURT] ITAT was justified in accepting the plea of the Assessee that the failure to adhere the principles of natural justice went to the root of the matter. Also, the CBDT circular that permitted to the Assessee to file revised returns if he omitted to make a claim was also not noticed by the AO - HELD THAT:- We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed. The Supreme Court dismissed the Special Leave Petition and did not interfere with the impugned judgment and order passed by the High Court.
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