Dismissing the appeal of the revenue the Tribunal held that , as neither the statement of Mr Mukhesh Choksi was provided to the assessee nor cross-examination was allowed and it was not even placed on record, the action of the AO in treating the LTCG and STCG as income from other sources was not warranted. Tribunal also held that view taken was peculiar to the facts of the case and the revenue is always at liberty to in other cases , to challenge the alleged bogus purchases ( based on the statement of Mr Mukhesh Choksi) . ( ITA No. 1614/hyd/2017, dt. 29.05.2018)(AY.2007-08)
ITO v. K. Ramakrishna Reddy(Hyd)(Trib),www.itatonline.org
S. 45:Capital gains- Alleged bogus Long-term capital gains- As neither the statement of Mr Mukhesh Choksi was provided to the assessee nor cross-examination was allowed and it was not even placed on record, the action of the AO in treating the LTCG and STCG as income from other sources was not warranted. [ S. 69 ]