Addition without opportunity of cross-examination to assessee not sustainable

Rishipal Investments and Finance (P) Ltd. Vs ITO (ITAT Delhi) We find, the AO, in the instant case, reopened the assessment on the basis of the report of the Investigation Wing that the assessee has received accommodation entry of Rs.23,50,000/- from four companies, the details of which are given in the reasons recorded. We find, the AO after going through the various statements filed by the assessee from time to time, made addition of Rs. 55,85,000/-being the share application money/share capital received by the assessee by invoking the provisions of section 68 of the Act and made further add...