2010 (10) TMI 106 - HC - Income Tax

Capital gain - assessee has purchased the shares for Rs. 60, 000/- - and has sold such shares in the year under consideration for Rs. 4, 54, 240/- - assessee has disclosed a sum of Rs. 3, 93, 830/- towards capital gain - assessing authority has made addition of the entire sum of Rs. 4, 54, 740/- which was the sale proceed - Held that - Rs. 60, 000/- was the initial value share - addition was deleted by the Tribunal Appeal is dismissed

Summary

The High Court of Allahabad in 2010 (10) TMI 106 considered an appeal related to the assessment year 2002-03 regarding the addition of Rs. 60,000. The Tribunal deleted the addition as the amount was the initial value of shares purchased in the previous year. The appeal was dismissed.