2010 (10) TMI 107 - HC - Income Tax

Capital gain - assessee has purchased 5000 shares and has sold such shares in the year under consideration for Rs. 4, 89, 000/- The assessee has disclosed a sum of Rs.4, 36, 427/- towards capital gain - assessing authority has made addition of the entire sum of Rs. 4, 89, 000/- which was the sale proceed - Held that - Rs. 52, 573/- was the initial value share and was the investment - addition was deleted by the Tribunal - Appeal is dismissed

Summary

The High Court of Allahabad in the case of assessment year 2002-03 ruled that the Tribunal was correct in deleting the addition of Rs. 52,573 made by the assessing authority on the sale of shares by the assessee. The Tribunal found that the amount was the initial value of the shares purchased by the assessee in the previous year. The appeal was dismissed.