GAURAV TAYAL,INDORE vs. THE ITO, WARD, SENDHWA, SENDHWA

ITA 392/IND/2026Status: DisposedITAT Indore17 September 2026AY 2012-139 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had provided sufficient documentary evidence to establish the purchase, holding, sale, and receipt of sale proceeds through banking channels. The revenue failed to provide any specific material to link the assessee with an accommodation entry arrangement.

What were the facts?

The assessee sold shares of Global Capital Markets Ltd. and declared Long Term Capital Gain (LTCG). The Assessing Officer (AO) reopened the assessment and added the sale proceeds under Section 68 as unexplained cash credit, which was partly confirmed by the CIT(A).

What were the issues?

Whether the sale proceeds of shares can be treated as unexplained cash credit under Section 68 when the assessee has provided documentary evidence of purchase, holding, and sale through a recognized stock exchange. Whether the reopening of assessment was valid.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 68,Section 10(38)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI PARESH M. JOSHI & SHRI ARVIND SONI

For Appellant: Shri S.N. Agrawal, AR
For Respondent: Shri Binay Kumar Rai, Sr, DR
Hearing: 18.08.2026

PER ARVIND SONI, ACCOUNTANT MEMBER:

This appeal has been filed by the assessee against the order dated 28.01.2026 passed by the National Faceless

Appeal Centre (NFAC), Delhi [hereinafter referred to as "the ld. CIT(A)"] for Assessment Year 2012-13 arising out of assessment order framed under section 147 read with section 143(3) of the Income-tax Act, 1961 ("the Act").

Gaurav Tayal

2.

The brief facts of the case are that the assessee filed the return of income for Assessment Year 2012-13 on 25.02.2013 declaring total income of Rs.3,33,760/-. The return of income as filed as processed under section 143(1)

of the Income Tax Act on 19.04.2013. On the basis of information as received from Pr. CI

The order continues below.

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