https://www.taxtmi.com/caselaws?id=276074 The Tribunal partially allowed the appeals, treating the income from the sale of shares as short-term capital gains and quashing the assessment order due to the violation of natural justice by not allowing cross-examination of a key witness. Reassessment proceedings under Section 147/148 were upheld based on specific information from a related case. The charging of interest under Section 234B was deemed mandatory. The impact on penalty proceedings under Section 271(1)(c) was not explicitly addressed but would likely be influenced by the Tribunal's decisions on the transactions' genuineness and income characterization. en-us Thu, 16 Nov 2017 00:00:00 +0530 Fri, 26 Oct 2018 20:03:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276074 The Tribunal partially allowed the appeals, treating the income from the sale of shares as short-term capital gains and quashing the assessment order due to the violation of natural justice by not allowing cross-examination of a key witness. Reassessment proceedings under Section 147/148 were upheld based on specific information from a related case. The charging of interest under Section 234B was deemed mandatory. The impact on penalty proceedings under Section 271(1)(c) was not explicitly addressed but would likely be influenced by the Tribunal's decisions on the transactions' genuineness and income characterization. Case-Laws Income Tax Thu, 16 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276074