Case Law Details
ITO Vs Shri K. Ramakrishna Reddy (ITAT Hyderabad)
Ld. CIT(A) observed that on identical facts, the ITAT Hyderabad Bench in the case of Smt. Sarita Devi vs. ITO and Ms. Nikita Kumar vs. ITO (ITA No.1228 and 1229/Hyd/2016, dated 05.05.2017) allowed a similar contention of the other assessees, mainly on the ground that neither the statement of Mr. Mukhesh Choksi was provided to the assessee nor the cross-examination was allowed and it was not even placed on record. Considering the similarity of facts and circumstances and binding nature of decision of the ITAT, the action of the A.O. in treating the LTCG and STCG as income from other sources was held to be not warranted.
FULL TEXT OF THE ITAT JUDGMENT
1. This is an appeal filed at the instance of the Revenue and it pertains to Assessment Year 2007-2008. Following grounds were urged by the Revenue:
“1. Ld. CIT(A) erred in treating the income offered by the assessee under the head “income from capital gains” as against under the head “income from other sources” as assessed by the Assessing Officer treating the same as income from undisclosed sources.
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