UMESH P. MAHANSARIA (HUF),SURAT vs. DY. COMMR. OF INCOME TAX, CIRCLE- 1(3), SURAT, SURAT

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ITA 151/SRT/2024Status: DisposedITAT Surat20 January 2025AY 2015-16Bench: SHRI PAWAN SINGH (Judicial Member), SHRI BHAGIRATH MAL BIYANI (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal, following its earlier decisions in similar cases, held that the LTCG was genuine and deleted the additions made by the AO. The Tribunal found that the assessee had discharged the onus of proving the genuineness of the transactions.

What were the facts?

The assessee claimed long-term capital gains (LTCG) from the sale of shares, which the Assessing Officer (AO) treated as non-genuine and added to the income. The AO also added an amount for unexplained expenditure. The assessee contended that the transactions were genuine and supported by documentary evidence.

What were the issues?

Whether the long-term capital gains from the sale of shares were genuine or arranged, and whether the assessment order was valid due to jurisdictional issues with the notice under Section 143(2).

Which sections of the Income-tax Act were involved?

Section 68,Section 69C,Section 10(38),Section 143(3),Section 143(2)

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Cases cited in this judgment(2)Show list

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Heard together (3 matters)

ITA No. 158/RPR/2017
ITA No. 893/Srt/2023
ITA No. 197/Srt/2023

Read from the judgment's own cause title. This page is filed under one of them.

आदेश की �ितिलिप अ�ेिषत/ Copy of the order forwarded to : अपीलाथ�/ The Appellant  ��थ�/ The Respondent  आयकर आयु�/ CIT  िवभागीय �ितिनिध, आयकर अपीलीय आिधकरण, सूरत/ DR, ITAT, SURAT  गाड� फाईल/ Guard File 

By order/आदेश से,

सहायक पंजीकार आयकर अपीलीय अिधकरण, सूरत

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