2018 (12) TMI 519

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....14 declaring income of Rs. 1,24,71,810/- from salary, house property, Other Sources and Long Term Capital Gains (LTCG) of Rs. 1,45,62,631/- claimed as exempt u/s 10(38) of the Income-tax Act, 1961 (in short 'the Act'). The case was taken up for scrutiny and the assessment was concluded u/s 143(3) of the Act vide order dated 30.12.2016, wherein the assessee's income was determined at Rs. 2,24,71,180/- in view of the sale consideration of Rs. 1,48,25,361/- arising on account of sale of 9,900 shares of M/s. NCL Research and Financials Services Ltd., being held to be unexplained cash credits u/s 68 of the Act. On appeal, the CIT(A)-5, Bangalore, dismissed the assessee's appeal vide the impugned order dated 31.01.2018. 3.1 Aggrieved by the orde....

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....d in confirming the same. There being no unexplained credit and in fact the credit having been duly explained, makes the addition U/s. 68 wholly erroneous and liable to be deleted. 5. The appellant denies liability to pay interest u/s 234B and 234C of the Act. The interest having been erroneously levied to be deleted. 6. In view of the above and other grounds to be adduced at the time of' hearing. it is requested that the impugned order be quashed or atleast the assessment of entire sale consideration on sale of shares as Income from Other Sources be deleted, the income from Long Term Capital Gain earned on sale of shares as returned by the appellant be accepted, and the interest levied be also deleted. 3.2 During the course of ....

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....aj Hasmukhlal in ITA No.1927/Bang/2017 wherein the Tribunal has restored the issue to the file of the AO having observed that the additions were made based on reports of the Investigation Directorate at Kolkata and statements of various persons without confronting OR making them available to the assessee for rebuttal. In those cases, the Tribunal restored the matter to the file of the AO with the direction to confront the matter to the file of the AO with the direction to confront the assessee with the reports / documents / statements proposed to be used against the assessee, allow rebuttal thereof and cross examination of parties on whose testimony is proposed to be relied upon and the matter be adjudicated afresh after affording the asses....