PRAVEEN GARG HUF,ROURKELA vs. ITO, WARD 1, ROURKELA, ROURKELA

ITA 823/CTK/2025Status: DisposedITAT Cuttack16 March 2026AY 2014-15Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAJESH KUMAR (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the issue was identical to a previous decision involving the assessee's brother. Following the precedent, the Assessing Officer was directed to grant the benefit of deduction under Section 10(38). Consequently, the penalty under Section 271 was also deleted.

What were the facts?

The assessee, Praveen Garg HUF, filed appeals against the order of the NFAC for AY 2014-15. The core issue was the claim of exemption under Section 10(38) of the Act concerning shares of NCL Research.

What were the issues?

Whether the assessee is eligible for exemption under Section 10(38) for gains from NCL Research shares, and whether the penalty under Section 271 is sustainable.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 271

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “CUTTACK BENCH, CUTTACK

Before: SHRI GEORGE MATHAN & SHRI RAJESH KUMAR

For Appellant: Shri Abhijeet Agarwal, AR
For Respondent: Shri Shakeer Ahamed, Sr. DR
Hearing: 16.03.2026Pronounced: 16.03.2026

PER BENCH: ITA No.823/CTK/2025 filed by the assessee against the order of the NFAC, Delhi [hereinafter referred to as the ‘CIT(A)’] in appeal no.NFAC/2013-14/10167015 dated 10.10.2025 for the assessment year 2014-15. 2. Shri Abhijeet Agarwal, AR represented on behalf of the assessee and Shri Shakeer Ahamed, Sr. DR represented on behalf of the revenue.

ITA No.822&823/CTK/2025

3.

It was submitted by the ld. AR that only issue raised was with regard to assessee’s claim u/s 10(38) of the Act. The ld. AR submitted that this is in regard to shares of NCL research. It was the submission that on identical transaction, the ‘SMC’ Bench of the Tribunal has already held the issue in favour of the

The order continues below.

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