DY. COMMISSIONER OF INCOME TAX, CC 5(2) CENTRAL RANGE-5, MUMBAI vs. M/S. WELLKNOWN BUSINESS VENTURES LLP, MUMBAI

ITA 1948/MUM/2022Status: DisposedITAT Mumbai27 July 2023AY 2018-1934 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to delete the additions. It found that the shares sold by the assessee fell under the exceptions notified by the CBDT, making the exemption under Section 10(38) and the computation under Section 112A valid.

What were the facts?

The Revenue appealed against the deletion of additions made on account of taxable long-term capital gains (LTCG) on the sale of listed shares. The assessee claimed exemption under Section 10(38) and later under Section 112A, arguing that the shares were acquired before the STT regime or fell under specific exceptions notified by the CBDT.

What were the issues?

Whether the assessee was eligible for exemption on long-term capital gains from the sale of listed shares, considering the applicability of Section 10(38) and the exceptions notified by the CBDT, and subsequently Section 112A.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 112A,Section 55(2)(ac)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: SHRI ABY T. VARKEY, JM & SHRI AMARJIT SINGH, AM

For Appellant: Shri Mahesh Agrawal/Hitesh
Hearing: 07/07/2023Pronounced: 27/07/2023

PER ABY T. VARKEY, JM: These appeals have been preferred by the Revenue against the action of the Ld. CIT (A)-53, Mumbai [in short ‘Ld. CIT(A)’] vide his orders dated 13.05.2022 passed for Assessment Years [in short ‘AYs’] 2018-19 & 2019-20 in relation to the assessment orders dated 19.06.2021 & 13.05.2022 passed by the Assistant Commissioner of Income-tax, Central Circle 5(2), Mumbai [in short ‘AO’].

2.

Since the iss

The order continues below.

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