https://www.taxtmi.com/caselaws?id=332540 The Commissioner of Income Tax (Appeals) upheld the validity of the reopening but deleted the addition under section 69 of the Income Tax Act for a sale transaction involving shares, amounting to Rs. 45,51,396. The appellate authority found the transaction genuine, supported by evidence of long-term holding and capital gain, overturning the assessing officer's decision. The Revenue's argument for enhancing the assessment was dismissed, emphasizing fair scrutiny. The denial of cross-examination to the assessee raised concerns about natural justice principles, prompting a reexamination under sections 68 and 69 by the assessing officer. en-us Mon, 01 Aug 2016 00:00:00 +0530 Tue, 20 Sep 2016 09:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332540 The Commissioner of Income Tax (Appeals) upheld the validity of the reopening but deleted the addition under section 69 of the Income Tax Act for a sale transaction involving shares, amounting to Rs. 45,51,396. The appellate authority found the transaction genuine, supported by evidence of long-term holding and capital gain, overturning the assessing officer's decision. The Revenue's argument for enhancing the assessment was dismissed, emphasizing fair scrutiny. The denial of cross-examination to the assessee raised concerns about natural justice principles, prompting a reexamination under sections 68 and 69 by the assessing officer. Case-Laws Income Tax Mon, 01 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332540