Jagmohan Agarwal vs ACIT
Whether the addition of Rs. 11,49,425/- as unexplained cash credit u/s 68 of the Income Tax Act, 1961, by treating the Long Term Capital Gain (LTCG) from sale of shares of M/s. Essar India Ltd. as bogus, without providing copies of materials and opportunity for cross-examination, violates principles of natural justice and is based on suspicion rather than evidence --- Held Yes.
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