https://www.taxtmi.com/caselaws?id=448663 Disallowance of a long-term capital loss on share transactions was held unsustainable where the addition rested mainly on an untested third-party statement and the assessee had produced ledger accounts, purchase and sale bills, bank statements and proof of STT payment. The untested statement was not put to cross-examination or rebuttal, and the assessing authority did not use available enquiry powers to verify broker-side evidence. On these facts, the statement could not be treated as reliable adverse material, and denial of cross-examination violated natural justice. The loss claim was therefore accepted and the addition was set aside. en-us Fri, 01 Dec 2023 00:00:00 +0530 Fri, 26 Jan 2024 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448663 Disallowance of a long-term capital loss on share transactions was held unsustainable where the addition rested mainly on an untested third-party statement and the assessee had produced ledger accounts, purchase and sale bills, bank statements and proof of STT payment. The untested statement was not put to cross-examination or rebuttal, and the assessing authority did not use available enquiry powers to verify broker-side evidence. On these facts, the statement could not be treated as reliable adverse material, and denial of cross-examination violated natural justice. The loss claim was therefore accepted and the addition was set aside. Case-Laws Income Tax Fri, 01 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448663