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2019 (6) TMI 1611 - AT - Income TaxBogus LTCG claim - exemption u/s.10(38) denied - HELD THAT:- Perusal of the assessment order clearly shows that AO has only made allegation in respect of the company and the modus operandi of the bogus claim u/s.10(38) of the Act. The evidences clearly show that the transactions of purchase and sale of the shares by the assessee herein are through BSE by paying STT. This is not a case for offline purchase, nor is the case of direct purchase. Neither is the assessee’s name coming out in the Investigation report, which has been received by the AO from Directorate of Investigation, Kolkata. This being so, the claim of assessee cannot be disallowed merely on presumptions and the AO is directed to grant the assessee benefit of exemption u/s.10(38) of the Act as claimed in respect of long term capital gains generated by purchase and sale of shares of M/s.Sulabh Engineers and Services Ltd., as claimed by the assessee. - Decided in favour of assessee.
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