No LTCG Addition Without allowing Cross-Examination: ITAT Delhi

Veena Gupta Vs ACIT (ITAT Delhi)

ITAT Delhi allowed Veena Gupta’s appeal against the CIT(A)’s order, which had confirmed an addition of ₹1,39,32,231 under section 68 of the Income Tax Act for unexplained long-term capital gains (LTCG) on share sales. The Assessing Officer (AO) treated the LTCG as unexplained income, deeming the share purchase and sale as sham transactions based on statements from third parties (Amit Dalmia and Narendra Kumar Jain) who allegedly managed accommodation entries for Unno Industries, the company whose shares generated the LTCG. The AO appli

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