Bogus Capital Gain: Cross examination Opportunity should be allowed

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 &...