SMT VIJAYA NYATI, DHAR vs. ITO, DHAR

ITA 703/IND/2018Status: DisposedITAT Indore25 May 202144 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessees had discharged the onus by establishing the genuineness of the share transactions and satisfying the conditions for exemption under Section 10(38). Therefore, the LTCG was rightly claimed as exempt, and no addition was warranted.

What were the facts?

The assessees claimed exemption for Long Term Capital Gains (LTCG) on sale of shares under Section 10(38) of the Income Tax Act. The Assessing Officer and CIT(A) disallowed these claims, treating the gains as income from undisclosed sources, primarily based on statements from an investigation wing report.

What were the issues?

Whether LTCG on sale of shares claimed as exempt under Section 10(38) is valid when disallowance is based on investigation reports without providing cross-examination opportunities to the assessee.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 68

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Cases cited in this judgment(8)Show list

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अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE

BEFORE HON'BLE MANISH BORAD, ACCOUNTANT MEMBER AND HON'BLE MADHUMITA ROY, JUDICIAL MEMBER Assessment Year:2014-15 Kumari Ayushi Nyati ITO, 5(5) 10, Balaji Vihar, 1-2, Maa Durg Indore बनाम/ Nagar, Navlakha Main Road 1 to Vs. 7, Indore (Appellant) (Revenue ) P.A. No.AJPPN2679C Assessment Year:2014-15 Smt. Vijaya Nyati, ITO, Dhar 5 Nyati House, Mandi Road बनाम/ Dhammod, Dist: Dhar M.P. Vs. (Appellant) (Revenue ) P.A. No.AAPPN8302B Assessment Year:2014-15 Shri Vijay Kumar Radheshyam ITO, Dhar Nyati, HUF बनाम/ 5 Nyati House, Mandi Road Vs. Dhammod, Dist: Dhar M.P. (Appellant) (Revenue ) P.A. No.AACHV4415Q

Kumari Ayushi Nyati & others ITA Nos.203/Ind/2019,703 to 705/Ind/2018, & 488/Ind/2019 Assessment Year:2014-15 Shri Manish Kumar Radheshyam ITO, Dhar Nyati, HUF बनाम/ 5 Nyati House, Mandi Road Vs. Dhammod, Dist: Dhar M.P. (Appellant) (Revenue ) P.A. No.AACHN2172G Assessment Year:2014-15 Smt. Mamta Nyati, ITO, Dhar 5 Nyati House, Mandi Road बनाम/ Dhammod, Dist: Dhar M.P. Vs. (Appellant) (Revenue ) P.A. No.ASEPN7014R

Appellant by Shri Maneesh Vaidya & Miss Preeti, Patwa, ARs Revenue by Sh

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