Addition of Long Term Capital Gains from shares of Essar India Ltd deleted by Kolkata ITAT

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Addition of Long Term Capital Gains from shares of Essar India Ltd deleted by Kolkata ITAT

In the case of  Jagmohan Agarwal Vs. Assistant Commissioner of Income Tax,Circle-35, Kolkata. the assessee is against the action of the Ld. CIT(A) in

confirming the addition made by AO of Rs.11,49,425/- u/s. 68 of the Income Tax Act 1961, which the assessee claimed as LTCG from sale of scrips of M/s. Essar India Ltd., without providing copies of materials and without giving opportunity to the assessee to cross-examine the person whose statement the AO relied to draw adverse inference against the assessee’s transaction which resulted in additions thus was in violation of natural justice

Further the AO has considered irrelevant material and not considered the relevant material the assessee produced before him to disallow the claim of the assessee.

Copy of order is produced as under:

1536141087-ITA No.604 of 2018 Jagmohan Agarwal

 


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