THE ITO, WARD-4(2)(1), AHMEDABAD vs. SHRI ARVINDKUMAR SHRISHRIMAL, AHMEDABAD

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ITA 1539/AHD/2019Status: DisposedITAT Ahmedabad06 March 2024AY 2013-14Bench: MS. SUCHITRA KAMBLE (Judicial Member), SHRI WASEEM AHMED (Accountant Member)6 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, finding that the assessee had provided details of purchase from each party and the specific rates. The AO had not questioned the purchase price and incorrectly applied an average price to calculate capital gains.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting an addition of Rs. 44,69,147/- made by the AO. The AO had recomputed short-term capital gains by substituting the assessee's cost of acquisition with an average price per share, as the assessee had purchased shares of a private limited company from different persons at varying prices on the same date.

What were the issues?

Whether the CIT(A) was justified in deleting the addition made on account of short-term capital gains by re-calculating the cost of acquisition using an average price per share.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 263

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “ D ” BENCH, AHMEDABAD

Before: MS. SUCHITRA KAMBLE & SHRI WASEEM AHMED

For Appellant: Shri M.K.Patel, AR
Hearing: 28/02/2024Pronounced: 06/03/2024

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. संबं�धत आयकर आयु�त / Concerned CIT 4. आयकर आयु�त ( अपील ) / The CIT(A)-4, Ahmedabad 5. �वभागीय ��त�न�ध , आयकर अपील�य अ�धकरण , राजोकट/DR,ITAT, Ahmedabad, 6. गाड� फाईल /Guard file. आदेशानुसार/ BY ORDER,

स�या�पत ��त //True Copy//

सहायक पंजीकार (Asstt. Registrar) आयकर अपील�य अ�धकरण, ITAT, Ahmedabad

1.

Date of dictation (dictation pad attached with the file) : 01/03/2024 2. Date on which the typed draft is placed before the : 04/03/2024 Dictating Member. 3. Date on which the approved draft comes to the Sr.P.S./P.S : 4. Date on which the fair order is placed before the Dictating : Member for pronouncement. 5. Date on which fair order placed before Other Member : 6. Date on which the fair order comes back to the : 06.03.24 Sr.P.S./P.S. 06.03.24 7. Date on which the file goes to the Bench Clerk. : 8. Date on which the file goes to the Head Clerk. : 9. The date on which the file goes to the Assistant Registrar : for signature on the order. 10. Date of Despatch of the Order :

ITO Ward-4(2)(1) vs. Shri Arvindkumar Shrishrimal Asst.Year 2013-14

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