2019 (8) TMI 1452

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....income of Rs. 21,03,680/-. Ld.AO observed that assessee has claimed exemption under section 10(38) amounting to Rs. 56,40,493/- towards sale of equity shares. The case was selected for scrutiny to verify the suspicions long term capital gains on shares in pursuance to the inputs from investigation wing. 2.1. Ld.AO observed that, during the year assessee sold 12,000 shares of M/s Sunrise Asian Ltd., for consideration of Rs. 58,93,400/-. Assessee upon being varied by Ld.AO submitted that originally assessee bought 25,000 shares of M/s Conart Traders Ltd., for a price of Rs. 20/- each. It has been submitted that, this company subsequently merged into M/s.Sunrise Asian Ltd., and shares of transferee company being M/s.Sunrise Asian Ltd., were....

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....02/02/2015, wherein matter was restored back to file of AO for fresh decision after providing copy of statement and other related details relied upon by Ld.AO. 5. We are conscious of the principle that, without opportunity of cross- examination, such statements cannot be relied upon against any person. However, such right, as held in various decisions by Hon'ble Supreme Court, is not an absolute right and depends on the circumstances of the case and the statute concerned as held in State of J&K Vs. Bakshi Gulam Mohd. AIR 1967 (SC) 122, and Nath International Sales Vs. UOI reported in AIR 1992 Del 295. In case of T. Devasahaya Nadar V. CIT reported in (1964) 51 ITR 20 (Mad) it has been held that; "it is not an universal rule that any e....