Addition of Unexplained Cash based on Third-Party Statements without Opportunity for Cross-Examination is not sustainable: ITAT [Read Order]

unexplained cash - cross-examination - ITAT - taxscan

While considering a bunch of appeals the Lucknow bench of the Income Tax Appellate Tribunal (ITAT) held that the addition of unexplained cash based on third-party statements without allowing cross-examination is not sustainable. The assessee had claimed Long Term Capital Gain on the scrip Twenty-First Century (India) Ltd. as exempt u/s 10(38) of the Income…

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