2018 (7) TMI 43

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....is an appeal filed at the instance of the Revenue and it pertains to Assessment Year 2007-2008. Following grounds were urged by the Revenue: "1. Ld. CIT(A) erred in treating the income offered by the assessee under the head "income from capital gains" as against under the head "income from other sources" as assessed by the Assessing Officer treating the same as income from undisclosed sources. ....

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....rn filed he had shown Long Term Capital Gains of Rs. 25,17,768/- on sale of shares at Rs. 26,04,687/- and Short Term Capital Gains of Rs. 7,12,398/- on sale of shares of Rs. 68,39,340/-. 4. A.O. was of the opinion that capital gains declared by the assessee was bogus. In this regard, A.O. also observed that he received information from the office of Chief Commissioner of Income Tax, Mumbai that M....

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....Devi vs. ITO and Ms. Nikita Kumar vs. ITO (ITA No.1228 and 1229/Hyd/2016, dated 05.05.2017) allowed a similar contention of the other assessees, mainly on the ground that neither the statement of Mr. Mukhesh Choksi was provided to the assessee nor the cross-examination was allowed and it was not even placed on record. Considering the similarity of facts and circumstances and binding nature of deci....