Tax Authorities' Section 68 Addition Overturned: Lack of Cross-Examination on LTCG Allegations Renders Decision Unsustainable.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Bogus LTCG - Addition u/s 68 - onus to prove genuineness of the transactions - The whole basis of making additions is third-party statement and no opportunity of cross-examination has been provided to the assessee to confront these parties. As against this, the assessee’s position that that the transactions were genuine and duly supported by various documentary evidences, could not be disturbed by the revenue. - the additions made by Ld. AO and confirmed by Ld. CIT(A), are not sustainable - AT....