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| The Tax Publishers2020 TaxPub(DT) 4137 (Guj-HC) INCOME TAX ACT, 1961
Section 68 Section 10(38)
Where assessee discharged his onus of establishing that transactions were fair and transparent and further, all relevant details with regard to such transactions were furnished before authorities and assessee had a Demat Account and had also furnished the details of such bank transactions with regard to the purchase of the shares, therefore, no substantial question of law arose.
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Income from undisclosed surces under section 68 - Bogus LTCG - Addition on account of LTCG claimed as exempt under section 10(38) -
Issue arose for consideration as to whether Tribunal was right in deleting the addition made on account of LTCG claimed as exempt under section 10(38) without appreciating the fact that transaction was pre-arranged as well as sham and was carried out through penny scripts companies / paper companies. Held: Tribunal had recorded the finding of fact that assessee discharged his onus of establishing that transactions were fair and transparent and further, all the relevant details with regard to such transactions were furnished before authorities. Assessee had a Demat Account and had also furnished the details of such bank transactions with regard to the purchase of the shares. Tribunal took notice of the fact that statements recorded by the Investigation Wing of the Revenue with regard to Tax entry provided were informed to the assessee despite giving him opportunity to meet such an allegation. Therefore, no substantial question of law arose.
REFERRED : Parasben Kasturchand Kochar Mehta Lodha & Co. v. ITO [ITA. No. 549/AHD/2018, dt. 20-2-2020] Mohan Polyfab Pvt. Ltd. v. ITO [ITA No.62/Ahd/2018, dt. 12-2-2020]
FAVOUR : In assessee's favour
A.Y. : 2014-15
IN THE GUJARAT HIGH COURT
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