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)
price rigging in such manner. Hence, the same cannot be of any assistance to the cause of the Revenue. Thus, on the basis of appreciation of facts and circumstances of the case as a whole and considering the documentary evidences on record, the share transactions cannot be considered as ingenuine/sham and, therefore, the sale proceeds of such share transactions cannot
