SUJIT AGARWAL ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(2), HYDERABAD
In the result, the appeal of the assessee in ITA No
ITA 369/HYD/2019[2014-15]Status: DisposedITAT Hyderabad22 Nov 2023AY 2014-15
Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarassessment Year: 2014-15 Shri Sujit Agarwal Vs. Dy. C. I. T. Hyderabad Central Circle 2(2) Pan:Aclpa3197P Hyderabad (Appellant) (Respondent) Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri Ch V Gopinath, Cit(Dr) Date Of Hearing: 09/11/2023 Date Of Pronouncement: 22/11/2023 Order Per R.K. Panda, Vice-This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.01.2019 Of The Learned Cit (A)-12, Hyderabad Relating To A.Y.2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & The Managing Director Of The Company, M/S. Sawaria Pipes Pvt Ltd. He Filed His Original Return Of Income For The Impugned A.Y On 30.12.2014 Declaring Total Income Of Rs.20,13,600/- & Agricultural Income Of Rs.70,200/-. A Search & Seizure Operation U/S 132 Of The I.T. Act Was Conducted In The Case Of The Assessee On 12.01.2016. In Response To Notice U/S 153A Of The Act Issued On 6.9.2016, The Assessee Filed His Return
For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri CH V Gopinath, CIT(DR)
Section 10(38)Section 132Section 143(2)Section 153ASection 68
bogus LTCG.
Rejecting the various explanations given by the assessee, the Assessing Officer rejected the claim of LTCG of Rs.6,89,76,599/- u/s 10(38) and made addition of Rs.7,97,38,105/- u/s 68 of the I.T. Act by observing as under:
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