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

ITA 1949/MUM/2022Status: DisposedITAT Mumbai27 July 2023AY 2019-2034 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee's case fell under the exceptions notified by the CBDT, making the third proviso to Section 10(38) and the conditions under Section 112A not applicable in a manner that denied the exemption. The Ld. CIT(A) was therefore correct in deleting the additions.

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 long-term capital gains on the sale of listed shares are eligible for exemption under Section 10(38) or beneficial provisions of Section 112A, considering the mode of acquisition and payment of STT, and if the transactions fall under the exceptions notified by the CBDT.

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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