INCOME TAX ACT 1961

Section 10(38)

Exemption under section 10(38) - Allowability - Bogus LTCG on shares -

Assessee filed appeal against the order of CIT(A) wherein claim under section 10(38) on account of sale of shares was added under section 68 and benefit under section 10(38) was accordingly denied. Held: On the merits, case of the assessee was covered against him by the decision held in case of Udit Kalra v. ITO [2019 TaxPub(DT) 3068 (Del-HC)]. Appeal of the assessee was treated as dismissed as withdrawn with a liberty to the assessee that in case assessee is not granted Form No.3 under Vivad Se Vishwas Scheme for settlement of the above dispute, he may file an application for recall of the above order.

Followed:Udit Kalra v. ITO [2019 TaxPub(DT) 3068 (Del-HC)].

REFERRED :

FAVOUR : Against the assessee

A.Y. : 2015-16

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