https://www.taxtmi.com/caselaws?id=237968 The High Court directed to discard the evidence of a witness, Shri Ashok Gupta, in the appeals related to the disallowance of capital loss on the sale of shares. The Tribunal was instructed to frame the assessment afresh based on other available evidence. Both parties agreed to restore the matter to the AO for de novo assessment, ensuring a fair opportunity for the assessees. Consequently, penalties under section 271(1)(c) were cancelled, with the possibility of re-initiation based on fresh assessments. The judgment emphasizes the importance of fair assessment based on all evidence and adherence to legal procedures. en-us Fri, 04 Oct 2013 00:00:00 +0530 Sat, 12 Oct 2013 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237968 The High Court directed to discard the evidence of a witness, Shri Ashok Gupta, in the appeals related to the disallowance of capital loss on the sale of shares. The Tribunal was instructed to frame the assessment afresh based on other available evidence. Both parties agreed to restore the matter to the AO for de novo assessment, ensuring a fair opportunity for the assessees. Consequently, penalties under section 271(1)(c) were cancelled, with the possibility of re-initiation based on fresh assessments. The judgment emphasizes the importance of fair assessment based on all evidence and adherence to legal procedures. Case-Laws Income Tax Fri, 04 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237968