FIRESTONE INDUSTRIAL PRODUCTS INC,UNITED STATES vs. ACIT, CIRCLE 1(3)(1), NEW DELHI
The appeal is allowed and the impugned addition is deleted
ITA 1066/DEL/2023[2018-19]Status: DisposedITAT Delhi05 Jun 2024AY 2018-19
Bench: the Ld. CIT(A), assessee had taken a plea that the company is a separate entity from its share holders/members and, with transfer of shares, assets of the company are not transferred, and the same continues to be held by the company. It was also explained that since the assessee did not have PAN at the time of sale of shares, buyer M/s Sundaram Industries Pvt. Ltd. deducted @20% plus surcharge and cess on such Long Term Capital Gain earned by the assessee, which is reflected in From 26AS an
For Appellant: Shri Ved Jain, Adv. & Ms. SupriyaFor Respondent: Shri Vizay B. Vasanta, CIT-DR
Section 112(1)Section 112(1)(c)Section 112(1)(ii)
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCHES : D : NEW DELHI
BEFORE SHRI G.S. PANNU, HON’BLE VICE PRESIDENT
AND
