DAMYANTI KANTIBHAI PATEL,BHARUCH vs. ITO, WARD-2(1), BHARUCH

ITA 286/SRT/2026Status: DisposedITAT Surat10 August 2026AY 2013-145 pages
AI SummaryAllowed

What did the Tribunal hold?

The ITAT held that the assessee had provided sufficient evidence to prove the genuineness of the share transactions, including contract notes, bank statements, and share certificates. The addition was therefore deleted.

What were the facts?

The assessee claimed exemption for long-term capital gains on the sale of shares. The Assessing Officer made an addition, which was upheld by the CIT(A). The assessee appealed to the ITAT.

What were the issues?

Whether the long-term capital gains on sale of shares are genuine and eligible for exemption, and if the addition made by the AO under Section 68 is justified.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC”

Before: Dr. Arjun Lal Saini

Hearing: 19/05/2026Pronounced: 10/08/2026

Per Dr. Arjun Lal Saini, AM: Captioned appeal filed by the assessee, pertaining to assessment year (AY) 2013-14, is directed against the order passed under section 250 of the Income-tax Act, 1961 [hereinafter referred to as ‘the Act’] dated 07.01.2026 by the Commissioner of Income Tax (Appeals) [hereinafter referred to as ‘Ld.CIT(A)’], which in turn arises out of an Assessment order passed by

The order continues below.

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