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2019 (5) TMI 1377 - AT - Income TaxBogus LTCG - sale of scrip of M/s. Tuni Textile Mills Ltd. as exempt u/s. 10(38) of the Act which was held by AO to be bogus - HELD THAT:- We note that in a number of cases, this Tribunal has held that the scrip of M/s. Tuni Textile Mills is not bogus and has allowed the claim of assessee in respect of LTCG claim on the sale of this scrip i.e. M/s. Tuni Textile Mills Ltd. (in short M/s. TTML). We note that the issue is no longer res integra as the Tribunal in Ramesh Chandra K. Shah Vs. ACIT [2019 (2) TMI 798 - ITAT KOLKATA] wherein the Tribunal has held that the scrip of M/s. TTML is not a bogus scrip. Unexplained expenditure u/s 69C - Addition being commission @ 0.5% expenditure incurred - HELD THAT:- Since we have already allowed the claim of LTCG on sale of scrip of M/s. TTML as exempt u/s. 10(38) of the Act, and held it as a genuine transaction, consequently, the addition as unexplained expenditure is directed to be deleted.
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