SARITA BAGDI,INDORE vs. THE ITO WARD-4(1), INDORE

ITA 6/IND/2019Status: DisposedITAT Indore25 May 2021AY 2011-1229 pages
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What did the Tribunal hold?

The Tribunal held that the purchase and sale transactions were genuine, conducted through banking channels and the Demat account. Despite the broker's registration being cancelled prior to the purchase, the Tribunal found no evidence of unaccounted money generation and considered the assessee a bona fide purchaser.

What were the facts?

The assessee claimed exemption under Section 10(38) for long-term capital gains from the sale of VIP Industries shares. The Assessing Officer disallowed this exemption, citing that the purchase was made through a derecognized entity (Eden Financial Services). The CIT(A) confirmed this disallowance.

What were the issues?

Whether the exemption under Section 10(38) for long-term capital gains is admissible when the purchase transaction was with a derecognized entity. Whether the capital gain is short-term or long-term.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 111A,Section 68

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: HON’BLE MANISH BORAD, ACCOUNTANT

For Appellant: Shri Pranay Goyal & S.N
For Respondent: Shri Harshit Bari, Sr.DR, Shri Pranay Goyal & S.N
Hearing: 06.04.2021Pronounced: 25.05.2021

PER MANISH BORAD, A.M

The above captioned appeal filed at the instance of the assessee for Assessment Year 2011-12 is directed against the Smt. Sarita Bagdi orders of Ld. Commissioner of Income Tax(Appeals)-II (in short ‘Ld.

CIT], Indore dated 11.10.2018 which is arising out of the order u/s 143(3)/147 of the Income Tax Act 1961(In short the ‘Act’) dated

16.12.

2016 framed by ITO-4(1), Indore.

2.

Assessee has raised following grounds of appeal:-

On the facts and in the circumstances of the cases:-

1.

That, on the facts and in the circumstances of the case, Ld. Commissioner of Income Tax (Appeals) - Il, Indore has erred in conforming addition to the extent of Rs. 48,85,547/- to the total

The order continues below.

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