Principles of natural justice prevail – ITAT directs fresh hearing in penny stock commission case

Krishan Khadaria Vs DCIT (ITAT Mumbai) Principles of natural justice prevail – ITAT directs fresh hearing in penny stock commission case- Cross-examination cannot be a formality; matter sent back for de novo adjudication Background A search u/s 132 was conducted on 13.06.2014 in the case of R.K. Kedia Group, alleged to be running an accommodation-entry syndicate providing bogus long-term capital gains (LTCG) through penny stock companies. Assessee, whose premises were also covered, was stated to be controlling companies such as Nouveau Global Ventures Ltd., Pearl Agriculture Ltd., & Pear...