INCOME TAX OFFICER, DAMAN WARD, DAMAN vs. SULOCHNADEVI ANILKUMAR AGRAWAL, DAMAN

ITA 386/SRT/2023Status: DisposedITAT Surat05 August 2026AY 2017-1820 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, finding that the assessee had discharged the primary onus by providing contract notes, demat statements, and bank statements. The Revenue failed to rebut the CIT(A)'s findings or demonstrate perversity.

What were the facts?

The Assessing Officer (AO) made an addition of Rs. 5,39,52,016/- on account of alleged bogus long-term capital gains from transactions in "Fiberweb India Limited" shares, treating it as tax evasion. The CIT(A) deleted this addition, finding that the assessee had provided sufficient documentary evidence to substantiate the transactions.

What were the issues?

Whether the long-term capital gains from the sale of "Fiberweb India Limited" shares were genuine or bogus accommodation entries, and whether the assessee had provided sufficient evidence to substantiate the transactions.

Which sections of the Income-tax Act were involved?

Section 147,Section 144,Section 144B,Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, SURAT BENCH, SURAT

For Appellant: Shri Rasesh Shah, CA
For Respondent: Shri J.K. Chandnani, CIT (DR)
Hearing: 08.06.2026Pronounced: 05.08.2026

Per B.M. Biyani, A.M.: Feeling aggrieved by order of first appeal dated 05.04.2023 passed by learned Commissioner of Income-Tax (Appeals)-NFAC, Delhi [“CIT(A)”], which in turn arise out of assessment-order dated 25.03.2022 passed by learned National Faceless Assessment Centre, Delhi [“AO”] u/s 147 read with section 144 & 144B of Income-tax Act, 1961 [“the Act”] for assessment-year [“AY”] 2017-18, the Revenue has filed this appeal on following grounds:

“1. On the facts and circumstances of the case and in law, the Id. CIT(A)-NaFAC has erred in deleting the addition of Rs. 5,39,52,016/- without considering the finding of the AO in its entirety. Sulochnadevi

The order continues below.

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