| The Tax Publishers2019 TaxPub(DT) 8324 (Gau-Trib) INCOME TAX ACT, 1961
Section 68
Assessee had filed all necessary evidences in support of concerned transactions, evidence of purchase of shares, and payment for purchase of shares made by way of account payee cheque, copy of bank statements and demat statements, copy of balance sheet disclosing investments, evidence of sale of shares through stock exchange, brokers ledger and Contract Notes, etc. The evidences filed by assessee remained uncontroverted and, therefore, AO was not justified in making addition under section 68 of long-term capital gain on sale of shares.
|
Income from undisclosed sources - Addition under section 68 - Long-term capital gain on sale of shares - Assessee filed all the supportive evidences
Assessee claimed long-term capital gain (LTCG) on sale of shares as exempt under section 10(38). AO took the view that assessee had acted in collusion with various entry operators and accordingly, AO treated LTCG on transfer of shares to be bogus unexplained cash credits under section 68.Held: Assessee had filed all necessary evidences in support of concerned transactions. evidence of purchase of shares, and payment for purchase of shares made by way of account payee cheque, copy of bank statements and demat statements, copy of balance sheet disclosing investments, evidence of sale of shares through stock exchange, brokers ledger and Contract Notes, etc. The evidences filed by assessee remained uncontroverted and, therefore, AO was not justified in making addition under section 68.
Relied:CIT v. Vegetable Products (1973) 88 ITR 192 (SC) : 1973 TaxPub(DT) 421 (SC). Distinguished:Pankaj Agarwal & Sons (HUF) v. ITO [ITA No. 1413 to 1420/CHNY/2018; Order dt. 6-12-2018] : 2019 TaxPub(DT) 1373 (Chen-Trib), Sanjay Bimalchand Jain v. Pr.CIT (2018) 89 Taxmann.com 196 (Bom) : 2017 TaxPub(DT) 5257 (Bom-HC) and M.K. Rajeshwari v. ITO [ITA No.1723/Bng/2018; A.Y. 2015-16, Order, dt. 12-10-2018].
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, GUWAHATI BENCH
 SUBSCRIBE FOR FULL CONTENT
|