2018 (8) TMI 1759

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.... That the CIT(A) has erred on facts and in law in confirming the action of the assessing officer in disallowing long term capital gain amounting to Rs. 66,79,985 treating the same as unexplained cash credit in terms of section 68 of the Income Tax Act, 1961, alleging that the same has been earned by the assessee from sale of penny stock. 1.1 That the CIT(A) has erred on facts and in law in confirming the action of the assessing officer as above without appreciating that the aforesaid addition was made solely on the basis of information received from the investigation wing without affording any opportunity to the assessee to rebut the same. 1.2 That CIT(A) has erred on facts and in law in holding as above without appreciati....

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....d the same as unexplained cash credit found in the books of the assessee and made addition thereof to the total income of the assessee. 3. Assessee carried the matter by way of appeal before the ld. CIT (A) who has confirmed the addition by dismissing the appeal. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. The ld. AR for the assessee challenging the impugned order contended inter alia that the entire assessment order has been based upon the report ....

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.... is extracted as under :- " The reply of the assessee has been duly considered but not found acceptable and the set of facts of the case laws quoted in it are different from the set of facts in this case. The assessee has sought the report of the wing which has already been shown to the director in the course of statement, it also asked the certified true copy of the investigation report of the SEBI; the report of the SEBl is online and also with the investigation wing and the gist of this report was shown to the assessee during the course of statement. Further the assessee has also asked to present the persons for confrontation who has given the statement of this vicious plan before the investigation wing on oath and the same is n....