NARAYAN LAL JAGETIYA,INDORE vs. INCOME TAX OFFICER, 1(4), INDORE, INDORE

ITA 953/IND/2025Status: DisposedITAT Indore24 June 2026AY 2014-159 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal, following a co-ordinate bench's decision on identical facts, held that the shares were not to be treated as penny stocks and deleted the addition made by the Assessing Officer.

What were the facts?

The Assessing Officer disallowed the assessee's claim for Long Term Capital Gain (LTCG) under section 10(38) and treated the sale proceeds as unexplained cash credit under section 68. The CIT(A) confirmed this addition.

What were the issues?

Whether the sale of shares of 'PS IT Infrastructure & Services Ltd' constituted unexplained cash credit and if the claim for LTCG was valid.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 68,Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Indore Bench, Indore

Before: Dr. Arjun Lal Saini & Shree Paresh M. Joshi

For Appellant: Ms. Manasvi Ajmera, CA
For Respondent: Shri Ashish Porwal, Ld. Sr. DR
Hearing: 15/06/2026

Per, Bench:

Captioned appeal filed by the assessee, pertaining to Assessment Year 2014-15, is directed against the order passed under section 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) by Commissioner of Income-tax (Appeals), dated 29.08.2025, which in turn arises out of an assessment order passed by the Assessing Officer u/s 143(3) of the Act, on 23.12.2016. 2. When this appeal was called out for hearing, learned Counsel for the assessee invited our attention to the order dated 14.10.2025, passed by the Hon

The order continues below.

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