Case Law Details
Sangitaben Chetankumar Doshi Vs ITO (ITAT Ahmedabad)
Explore the ITAT Ahmedabad ruling in Sangitaben Doshi vs. ITO case. The order discusses the disallowance of LTCG on Kappac Pharma shares based on conjectures.
At the outset, the counsel for the assessee submitted that inadequate opportunity of hearing was provided by the Ld. CIT(Appeals) in appeal proceedings and the assessee was not granted an opportunity of presenting his case on merits and the order was passed on ex-parte basis without allowing assessee to present his case. The counsel for the assessee argued that there is no specific information in respect of the involvement of the assessee in engaging in any sham transaction and the order passed by the Revenue is based on conjectures and surmises. The assessee has not been involved in any ingenuine transaction and he has validly held the shares for more than 12 months before disposing of the same. All the transactions were made through banking channels and there is no allegation that the assessee has been involved in any accommodation entry. The Ld. DR relied on the observations made by the ld. CIT(A) in his order.
We have heard the rival contentions and perused the material on record. We note that the Ld. CIT(Appeals) passed ex parte order confirming the additions made by the Ld. Assessing Officer. In our view, in the interests of justice, we are restoring the matter to the Ld. CIT(Appeals) for adjudication of the case on merits after giving opportunity of hearing to the assessee. The Ld. DR has also not objected to the matter being set aside to Ld. CIT(Appeals) for adjudication on merits.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
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