PRITESH JAIN HUF,INDORE vs. ITO 4 (2), INDORE

ITA 293/IND/2020Status: DisposedITAT Indore30 April 2021AY 2014-1552 pages
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What did the Tribunal hold?

The Tribunal held that the transactions of earning LTCG from the sale of equity shares were neither bogus nor sham, and thus eligible for exemption under Section 10(38). Additions made under Section 68 were deleted.

What were the facts?

The assessee claimed exemption for Long Term Capital Gains (LTCG) on the sale of equity shares under Section 10(38). The Assessing Officer (AO) disallowed this exemption, treating the gains as bogus and making additions under Section 68. The CIT(A) confirmed the AO's additions.

What were the issues?

Whether the Long Term Capital Gains from the sale of equity shares are eligible for exemption under Section 10(38) and if additions made under Section 68 are justified.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 68

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: HON’BLE MANISH BORAD, ACCOUNTANT

For Appellant: Shri Ajay Tulasiyan & Ranjan
For Respondent: Shri Harshit Bari, Sr.DR, Shri Ajay Tulasiyan & Ranjan
Hearing: 05.04.2021Pronounced: 30.04.2021

PER MANISH BORAD, A.M

The above captioned appeals filed at the instance of the assessee(s) for Assessment Years 2014-15 & 2015-16 are directed

against the orders of Ld. Commissioner of Income Tax(Appeals)-

The order continues below.

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