TaxTMI 
TaxTMI 
2018 (11) TMI 1353
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....red to as 'the Act']. The assessee is further aggrieved by the action of the CIT(A) in confirming the addition made u/s 69C of the Act. 3. Briefly stated, the facts of the case are that return for the year under consideration was selected for scrutiny assessment through CASS and statutory notices were accordingly issued and served upon the assessee. 4. During the course of scrutiny assessment proceedings, the A.O observed that the assessee has sold 1250 shares of M/s Trinity Tradelink Ltd on 22.03.2014 for a total consideration of Rs. 12,30,799/- and has claimed exemption u/s 10(38) of the Act as the capital gains arose from sale of shares was long term capital gain. 5. The Assessing Officer came to know that a survey was carried....
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....ng channel and merely on the strength of statement of Shri Vikrant Kayan, additions have been made without affording any opportunity to cross examine Shri Vikrant Kayan, thereby violating the principles of natural justice. The ld. AR prayed for deletion of additions. 10. Per contra, the ld. DR strongly supported the findings of the lower authorities and read the relevant observations of the Assessing Officer and the first appellate authority. 11. I have carefully perused the orders of the authorities below and relevant documentary evidences brought on record. Allotment of Equity Shares of M/s Trinity Tradelink Ltd is at page 7 of the paper book. Payment has been made through ING Vysa bank and the bank statement is at page 8 of the paper b....
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....based upon the statements given by the aforesaid two witnesses. Even when the assessee disputed the correctness of the statements and wanted to cross-examine, the Adjudicating Authority did not grant this opportunity to the assessee. It would be pertinent to note that in the impugned order passed by the Adjudicating Authority he has specifically mentioned that such an opportunity was sought by the assessee. However, no such opportunity was granted and the aforesaid plea is not even dealt with by the Adjudicating Authority. As far as the Tribunal is concerned, we find that rejection of this plea is totally untenable. The Tribunal has simply stated that cross-examination of the said dealers could not have brought out any material which would ....