ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-KATNI vs. SMT.NIRMALA PATHAK, KATNI

ITA 2/JAB/2020Status: DisposedITAT Jabalpur30 December 2020AY 2014-156 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that since no shares were sold during the assessment year, no capital gain or loss could arise. The source of investment was accepted by the Assessing Officer, and the entire purchase was for two assessment years, with sales occurring in the subsequent year.

What were the facts?

The revenue appealed against the CIT(A)'s order deleting an addition of Rs. 98,34,260/- towards LTCG. The assessee had purchased shares of CCL International but had not sold any during the assessment year in question, thus no capital gain or loss arose.

What were the issues?

Whether capital gains can be assessed when no sale of shares occurred in the relevant assessment year, and if the source of investment was adequately explained.

Which sections of the Income-tax Act were involved?

Section 10(38)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH, JABALPUR

Before: SHRI NRS GANESAN & SANJAY ARORA

For Appellant: Shri I.B. Khandel, Sr.DR
For Respondent: Shri Dhiraj Ghai, C.A
Hearing: 30/12/2020Pronounced: 31/12/2020

Per Bench: This appeal of the revenue and cross appeal by the assessee are directed against the order of Commissioner of Income Tax (Appeals)-1, Jabalpur [for short, the CIT(A)] dated 09.10.29019 and pertains to Assessment Year 2014-15. ITA No. 02 & C.O. 2 JAB 2020-Smt. Nirmala Pathak 2

2.

Shri I.B. Khandel, ld. Departmental Representative (DR) for the revenue submitted that the Assessing Officer made addition of Rs.

98,34,260/- towards the Long Term Capital Gain (LTCG). The assessee

purchased 540

The order continues below.

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