KETULKUMAR D. JAISWAL,SABARKANTHA vs. THE INCOME TAX OFFICER, S.K. WARD-4, MODASA

ITA 546/AHD/2015Status: DisposedITAT Ahmedabad28 September 2017AY 2007-0813 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that the assessee's case was covered by previous decisions where similar transactions, based on the statement of Shri Mukesh Chokshi, were held to be genuine. The Tribunal noted that Shri Chokshi did not specifically name the assessee, and the evidence produced by the assessee supported the genuineness of the transactions.

What were the facts?

The assessee claimed Long Term Capital Gain (LTCG) on the sale of shares of Talent Infoway Ltd., which was added back by the Assessing Officer (AO) as unexplained credit. The AO's action was based on a search in the Mahasagar Group, which revealed that companies like Talent Infoway were used to generate bogus LTCG.

What were the issues?

Whether the LTCG claimed by the assessee on sale of shares is genuine, or if it should be treated as unexplained credit due to its connection with a group involved in fraudulent transactions. Also, whether the reassessment was time-barred.

Which sections of the Income-tax Act were involved?

Section 68,Section 10(38),Section 143(3),Section 147,Section 153

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “ SMC ” BENCH, AHMEDABAD

Before: SHRI N.K. BILLAIYA & SHRI MAHAVIR PRASAD

For Respondent: Shri James Kurian, Sr.D.R
Hearing: 28/09/2017

PER SHRI MAHAVIR PRASAD, JUDICIAL MEMBER :

This is an appeal by the assessee against the order of the Commissioner of Income Tax(Appeals)-2, Ahmedabad, dated 05/01/2015 for the Assessment Year (AY) 2007-08, on the following Grounds: i. The Learned Commissioner of Appeals-II, has erred in facts and in law, in confirmed ad

The order continues below.

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