Section 68 Addition for share capital/premium invalid if opportunity of cross-examination of witness not given

ACIT  Vs El Dorado Biotech Pvt. Ltd. (ITAT Ahmedabad) In the case on hand, the AO has relied on statement of Shri Partik R Shah for drawing adverse inference against the assessee but without providing the opportunity of cross-examination despite it was demanded by the assessee during the assessment proceedings. As such the AO has considered the request made by the assessee for the cross examination as very vague and beyond belief. The relevant finding of the AO reproduced as under: “The assessee instead of complying with the department’s query for producing the above persons for cross exa...