DCIT,1(1), RAIPUR (CG) vs. SMT VIMLESH KUMAR SINGH, RAIPUR (CG)
In the result, appeal filed by Revenue is dismissed
ITA 21/BIL/2013[2006-07]Status: DisposedITAT Raipur15 Jan 2018AY 2006-07
Bench: : Shri N.S.Saini & Shri Pavan Kumar Gadale, Judical Member Dcit-1(1), Raipur Vs Late Shri Vijay Pal Singh, Through L/H Smt. Vimlesh Kumari Singh, Prop.M/S Manohar Engineering & M/S Sharda Engineering, Baikunth, District – Raipur Pan No. : Ahjps 0124 K (Appellant) .. Tsednepser Revenue By : Mrs. Shital Verma, Dr Assessee By : Shri K.P.Dewani, Ar Date Of Hearing : 10/01/2018 Date Of Pronouncement 15/01/2018 आदेश / O R D E R Per Shri N.S.Saini, Am: This Is An Appeal Filed By The Revenue Against The Order Of The Cit(A), Raipur, Dated 08.02.2013 For The Assessment Year 2006-2007. 2. The Revenue Has Raised The Following Grounds :- “1. Whether In Law & On Facts & Circumstances Of The Case, The Cit(A) Has Erred In Deleting The Addition Of Rs.1,98,28,636/- Made By The Ao By Treating Long Term Capital Gain As Income From Undisclosed Sources.” 3. Brief Facts Of The Case Are That The Ao Observed That The Shares On Sale Of Which Ltcg Of Rs.1.95,39,611/- Was Shown & Exemption U/S.10(38) Of The Act Was Claimed Were Held Barely For Little More Than One Year To Qualify The Same As Long Term Capital Asset. The Cost Of The Shares Was Rs.2,69,400/- & Sale Consideration Was Rs.1,98,28,636/-. He
For Appellant: Shri K.P.Dewani, ARFor Respondent: Mrs. Shital Verma, DR
Section 10(38)
penny stocks. The assessee has claimed to have purchased the shares from Prince Securities whereas the shares were sold to Prakash Nahata & Co., stock and share brokers having their office at Kolkata. The transaction of purchase was off market, which was not reported on the recognized stock exchange i.e. Bombay Stock Exchange. The transaction was arranged in such
