SHAILESH K PATEL-HUF,AHMEDABAD vs. ITO, WARD-3(3)(5), AHMEDABAD

ITA 288/AHD/2019Status: DisposedITAT Ahmedabad18 June 2024AY 2015-16Bench: Ms. SUCHITRA RAGHUNATH KAMBLE, JUDICAL MEMBER, SHRI NARENDRA PRASAD SINHA (Accountant Member)26 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee failed to discharge the onus to prove the genuineness of the share transactions. The manner of purchase, delay in dematerialization, and other surrounding circumstances indicated that the transactions were not genuine.

What were the facts?

The assessee claimed Long Term Capital Gain (LTCG) of Rs. 73,29,100/- as exempt under Section 10(38) on the sale of shares. The Assessing Officer (AO) made an addition of this amount, considering the transactions to be sham and colorable devices to bring back unaccounted money.

What were the issues?

Whether the LTCG claimed as exempt on sale of shares was genuine, or if it was a sham transaction to introduce unaccounted income. The burden of proof on the assessee to establish the genuineness of the credit entry.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 68

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(9)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “C” BENCH, AHMEDABAD

Before: & SHRI NARENDRA PRASAD SINHA

For Appellant: Shri Ashok Kumar Suthar, Sr. DR
For Respondent: Shri Ashok Kumar Suthar, Sr. DR
Pronounced: 18/06/2024

PER SHRI NARENDRA PRASAD SINHA, AM: This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-3, Ahmedabad, (in short ‘the CIT(A)’) dated 24.01.2019 for the Assessment Year 2015-16. 2. The assessee has taken following grounds of appeal:

“1. The CIT(A) has erred in not appreciating the facts that, the Assessing Officer has wrongly made addition of Rs. 73,29,100/- in acco

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 10(38)

All 3,113 judgments and leading authorities on Section 10(38) →

Recent GST High Court judgments

Search GST case law →