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Bogus Capital Gain: Cross examination Opportunity should be allowed
Case Law Details
- Case Name
- Sanjay Kumar Jain Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Chennai
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Sanjay Kumar Jain Vs ITO (ITAT Chennai)
Conclusion: Claim of assessee for long term capital gains arising on transfer of shares u/s. 10(38) was real or sham, required a revisit by AO by considering all the evidences produced by assessee and also, AO should allow the opportunity of cross-examination to check the nature of transaction.
Held:
Assessee had claimed exemption of long term capital gains arising on transfer of shares u/s.10(38). AO denied the same by treating as unexplained cash credit under Section 68. It was held in the cases of Vimalchand Gulabchand, Praveen Chand, Gatraj Jain &...
