2023 (2) TMI 392

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....A HIGH COURT - HC (Judgement / Order / Decisions)<br>Dated:- 8-2-2023<br>ITA Nos. 11, 12, 13, 14, 15, 16, 17, 18, 19, 21 and 22 of 2022 - -<br>Income Tax<br>The Chief Justice And Justice M.S. Raman For the Appellants : Mr. Tushar Kanti Satapathy Senior Standing Counsel (IT), Mr. P. Mohapatra Junior Standing Counsel (IT) For the Respondent : None ORDER 08.02.2023 I.A. No.28 of 2022 ....

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....2020 (in ITA No.14 of 2022); ITA No.40/CTK/2020 (in ITA No.15 of 2022); ITA No.47/CTK/2020 (in ITA No.16 of 2022); ITA No.38/CTK/2020 (in ITA No.17 of 2022); ITA No.45/CTK/2020 (in ITA No.18 of 2022); ITA No.49/CTK/2020 (in ITA No.19 of 2022); ITA No.39/CTK/2020 (in ITA No.21 of 2022) and ITA No.41/CTK/2020 (in ITA No.22 of 2022) against the corresponding orders of the Commissioner of Income Tax (....

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.... a revised return was filed by the Assessee claiming the above exemption. After the AO rejected the plea, the Assessee went before the CIT(A). The CIT(A) was satisfied that the purchase of liquid shares have been made through Account Payee Cheques and the shares themselves were held in Demat Account for more than 12 months and then sold through the recognized stock exchange after payment of securi....

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....e survey conducted on the Assessee. It was unable to be disputed by the Department that the Assessee did not have an opportunity to challenge such statements and further, no opportunity to cross-examine the so-called entry providers was given to the Assessees. 7. Having heard learned Senior Standing Counsel for the Department (Appellant) and having perused the impugned orders of the AO, CIT(A) ....