ABHISHEK PAWAN KUMAR AGARWAL,ITWARI, NAGPUR vs. INCOME TAX OFFICER, NAGPUR

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ITA 35/NAG/2026Status: DisposedITAT Nagpur13 April 2026AY 2014-154 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer's addition was faulty as the assessee had not claimed long-term capital gains, and the sale transaction was not disputed. The source of funds for the investment was also found to be sufficiently explained by the assessee's bank statements.

What were the facts?

The assessee purchased equity shares for Rs. 6,12,000 and sold them within the year, offering the short-term capital gain to tax. The Assessing Officer made an addition for the purchase amount, considering the company a penny stock and involved in bogus long-term capital gains.

What were the issues?

Whether the addition for the purchase of equity shares was justified when the assessee offered short-term capital gains and the source of funds was explained. Whether the Assessing Officer erred in treating the transaction as bogus without disputing the sale.

Which sections of the Income-tax Act were involved?

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

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR ‘SMC’ BENCH, NAGPUR

Before: DR.MANISH BORAD

For Appellant: Shri R.K. Ganeriwala
For Respondent: Shri Surjit Kumar Saha
Hearing: 17.03.2026Pronounced: 13.04.2026

आदेश की प्रतिलिपि अग्रेपिि / Copy of the Order forwarded to : अपील र्थी / The Appellant. 1. प्रत्यर्थी / The Respondent. 2. 3. The Pr. CIT concerned. विभ गीय प्रतितनधि, आयकर अपीलीय अधिकरण, न गपुर SMC बेंच, 4. न गपुर / DR, ITAT, “Nagpur SMC Bench, Nagpur ग र्ड फ़ इल / Guard File. 5.

आिेश नुस र / BY ORDER,

// True Copy // Assistant Registrar, आयकर अपीलीय अधिकरण, न गपुर/ ITAT, Nagpur

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