https://www.taxtmi.com/highlights?id=55590 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 of cross examination was denied by the ld CIT(A) who exercises the co-terminus powers as that of the AO. - Therefore, the statement of a third party cannot be sole basis of the assessment without given an opportunity of cross examination and consequently it is a serious flaw which renders the order a nullity. - AT en-us Sat, 21 Nov 2020 11:21:37 +0530 Sat, 21 Nov 2020 11:21:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55590 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 of cross examination was denied by the ld CIT(A) who exercises the co-terminus powers as that of the AO. - Therefore, the statement of a third party cannot be sole basis of the assessment without given an opportunity of cross examination and consequently it is a serious flaw which renders the order a nullity. - AT Highlights Income Tax Sat, 21 Nov 2020 11:21:37 +0530 https://www.taxtmi.com/highlights?id=55590