RASHMI SALWAN,NEW DELHI vs. ITO, WARD-40(2), NEW DELHI
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Income Tax Appellate Tribunal, DELHI BENCH ‘A’, NEW DELHI
Before: Shri Mahavir Singh & Shri Manish Agarwal
This assessee’s appeal for Assessment Year 2015-16, arises against the Ld. Commissioner of Income Tax (Appeals-14), New Delhi’s Order dated 25.10.2019 in appeal No. 309/17-18/CIT(A)-14, New Delhi 10332, in proceedings u/s 143(3) of the Income Tax Act, 1961 (in short “the Act”). Heard both the parties. Case file perused.
It emerges during the course of hearing that the assessee presses for its sole substantive ground on merits challenging both the learned lower authorities’ action treating the total amount of long term capital gain of Rs. 46,35,635/- earned by the assessee on sale of shares of penny stock company M/s Jackson Investment Limited and claimed exempted u/s. 10(38) of the Act as his income being
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