2023 (2) TMI 392

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.... 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 (ITA No.11 of 2022) 01. 1. For the reasons stated therein, the applica....

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..../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 (Appeals) i.e. CIT(A) for the assessment years (AYs) 2014-15 and 2015-16. 4. The ....

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....O 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 security transaction tax. A reference was made to the CBDT circular which debarred the Reve....

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.... 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) and the ITAT, the Court finds that both the grounds viz., the claim for benefit of Sectio....