ASSISTANT COMMISSIONER OF INCOME TAX, NEW DELHI vs. ARCHANA DALMIA, DELHI

ITA 3998/DEL/2024Status: DisposedITAT Delhi10 July 2025AY 2014-15Bench: SHRI VIKAS AWASTHY (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s deletion of additions for both long-term capital gain on Durga Enterprises shares and short-term capital gain on PMC Fincorp shares. The Tribunal found no error in the CIT(A)'s reasoning regarding the valuation of shares and the nature of the PMC Fincorp transaction.

What were the facts?

The assessee sold shares of Durga Enterprises P. Ltd. and incurred a long-term capital loss. The Assessing Officer (AO) reopened the assessment based on information from a search related to accommodation entries and made additions for both long-term capital gain on Durga Enterprises shares and short-term capital gain on PMC Fincorp shares. The CIT(A) deleted both additions.

What were the issues?

Whether the CIT(A) erred in deleting the additions made by the AO on account of long-term capital gain on sale of unlisted shares and short-term capital gain on sale of penny stock shares.

Which sections of the Income-tax Act were involved?

Section 132,Section 148,Section 147,Section 144B,Section 55(2)(b)(ii)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “A”, DELHI

For Appellant: Shri Kunal Agarwal, Chartered Accountant &
Hearing: 16/04/2025

PER VIKAS AWASTHY, JM: This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [in short ‘the CIT(A)] dated 26.06.2024, for the Assessment Year 2014-15. 2. The brief facts of the case as emanating from records are: The assessee sold 23,500 shares of Durga Enterprises P. Ltd., during the period relevant to assessment year under appeal to Pyramid Commodi

The order continues below.

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