Allowing the appeal of the assessee the Tribunal held that , sale of shares through Ahmedabad Stock exchange was not doubted . Addition based on the statement of Mr Mukesh Choksi without giving copy and opportunity of cross examination addition cannot be made as cash credits . (ITA No. 5185 /Mum/ 2012 dt 05.10.2016 ,AY. 2004-05)
Sudhanshu Suresh Pandhare v. ITO (Mum)( Trib) (www.itatonline.org )
S.45: Capital gains- Suspicious transaction in shares- Penny stocks- Sale through Ahmedabad Stock exchange – Statement of Mukesh Choksi relied without furnishing the same to the assessee- Addition is held to be not valid