Addition based on Information from NSE not valid if Assessee not given sufficient time

Lilaben Bhagabhai Patel Vs ITO (ITAT Ahmedabad) CIT(A) has categorically observed that the print out of share trading from the brokers related to share transaction statement was unsigned documents and the Assessing Officer has taken the loss on the basis of information provided by National Stock Exchange, Bombay. It is pertinent to note that the assessee was not confronted by the Assessing Officer related to the information received from National Stock Exchange despite assessee’s request to give sufficient time for responding the same. In fact, it appears that the loss suffered by the assess...