SMT. MANJU SINGH,KANPUR vs. THE INCOME TAX OFFICER WARD 3(2), KANPUR
The appeal of the assessee stands allowed
ITA 163/LKW/2022[2015-16]Status: DisposedITAT Lucknow25 Aug 2025AY 2015-16
Bench: Shri. Sudhanshu Srivastavaassessment Year: 2015-16 Smt. Manju Singh V. The Ito L-12, Gsvm Medical College Ward 3(2) Kanpur Kanpur Tan/Pan:Aebps3395D (Appellant) (Respondent) Appellant By: Shri Rakesh Garg, Advocate Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against Order Dated 12.10.2021, Passed By The National Faceless Appeal Centre, Delhi (Nfac) For Assessment Year 2015-16. 2.0 The Brief Facts Of The Case Are That The Assessee Was Engaged In Trading Of Shares, Securities & Mutual Funds. The Assessee Filed Her Return Of Income For The Year Under Consideration On 11.09.2015, Declaring A Total Income Of Rs.3,05,350/-. In The Computation Of Income, The Assessee Had Claimed Rs.55,99,694/- As Exempt Income Under Section 10(38) Of The Income Tax Act, 1961 (Hereinafter Called “The Act’) On Sale Of Mutual Funds. However, As Per The Assessing Officer (Ao), The Assessee Had Earned Exempt Income Of Rs.50,81,234/- On Sale Of Mutual Funds And, Accordingly, The Assessee Had Claimed Excess
For Appellant: Shri Rakesh Garg, AdvocateFor Respondent: Shri Sunil Kumar Rajwanshi, D.R
Section 10(38)Section 143(3)Section 271(1)(c)Section 48Section 68
234/- on sale of Mutual Funds and, accordingly, the assessee had claimed excess
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amount of Rs.5,18,640/- as exempt income under section 10(38) of the Act. The AO, therefore, added the excess amount of Rs.5,18,640/-, claimed by the assessee as exempt under section
