DR. AROTI GHOSH,ALLAHABAD vs. ITO, WARD-1(1), ALLAHABAD

ITA 37/ALLD/2022Status: DisposedITAT Allahabad15 September 2023AY 2008-095 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal restored the matter to the AO for fresh consideration, directing the assessee to provide all relevant evidence to claim exemption under Section 10(38) for long-term capital gains on sale of shares.

What were the facts?

The assessee had undisclosed long-term capital gains from share transactions. The Assessing Officer (AO) made additions, and the assessee filed a rectification application which was rejected. The CIT(A) dismissed the appeal against the rectification order.

What were the issues?

Whether the assessee is entitled to exemption under Section 10(38) for long-term capital gains on sale of shares, and if the rectification application was rightly dismissed.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 154,Section 147,Section 148,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ALLAHABAD BENCH, ALLAHABAD

Before: SHRI ABY T. VARKEY & SHRI RAMIT KOCHAR

Hearing: 13.09.2023Pronounced: 15.09.2023

PER SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER:

This appeal filed by assessee, arising out of the appellate order passed by learned Commissioner of Income-tax(Appeals) (National Faceless Appeal Centre (NFAC))(Din & Order No. ITBA/NFAC/S/250/2022-23/1045998109(1)), dated 27.09.2022 , for assessment year 2008-09, which appeal in turn has arisen out of the order dated 04.08.2016 passed by ld. Assessing Officer(hereinafter called “the AO”) u/s 154 of the Income-tax Act, 1961. 2. The assessee has raised following grounds of appeal in Memo of Appeal filed with Income Tax Appellate Tribunal, Allahabad, which reads as under:- 1 A.Y. 2008-09 Dr. Aroti Ghosh “1. BECAUSE the learned Commissi

The order continues below.

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