2018 (12) TMI 520

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....and Capital Gains of Rs. 19,69,787/- 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 29.12.2016, wherein the assessee's income was determined at Rs. 33,13,680/- in view of the addition of sale proceeds of Rs. 20,96,900/- received on account of sale of 40,000 shares of M/s. Blazon Marble Ltd., being held to be cash credits u/s 68 of the Act. On appeal, the CIT(A)-7, Bangalore, dismissed the assessee's appeal vide the impugned order dated 31.01.2018. 3.1 Aggrieved by the order of the CIT(A)-7, Bangalore, dated 03.01.2018 for assessment year 2014-15, the assessee has preferred this appeal wherein it has rai....

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....tant CIT (Mumbai), Reported at (2017) 188 TTJ (Mumbai) 645. c) Farrah Marker Vs. Income Tax Officer, Bombay Tribunal; Reported at (2016) 46 CCH 0535 Mum. 7. The Learned CIT (Appeals) erred in relying on the decision of ITAT, Nagpur Bench in the case of Shri Sanjay Bimalchand Jain in ITA No. 61/ Nag/ 2013 vide order dated 18.07.2016 wherein the facts are distinguishable to the facts of the Appellant's case. 8. Reliance is placed on the judgment of the High Court of Rajasthan in the case of Commissioner of Income Tax Vs. Smt. Sumitra Devi reported in (2014) 268 CTR 0351 (Raj): (2014) 102 DTR (Raj) 0342 wherein on similar circumstances, the appeal of the Department was dismissed in favour of the Assessee. 9. The Learned CIT (Ap....

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.....3 Per contra, the learned DR for Revenue submitted that on similar facts and circumstances as in the case on hand, issue for consideration is covered by the decisions of the Bengaluru ITAT in the cases of Arvind Kumar Moolchand in ITA No.509/Bang/2017 and Pukhraj 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 th....