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2021 (8) TMI 417 - AT - Income TaxBogus LTCG - disallowing exemption u/s 10(38) - HELD THAT:- In the instant case suspension order in trading in securities of M/s Turbo Tech Engineering Ltd. has ultimately been lifted by the adjudication order dated 25.11.2014 wherein SEBI has found no irregularities in the trading of such scrips; neither it has been found that the Directors are involved in any price rigging. Considering the entire facts of the matter, the judgment passed by the different Judicial Forums as relied upon by the Ld. AR and the Ld. DR as well, the particular judgment passed by the Hon’ble Delhi Bench [2021 (1) TMI 1008 - DELHI HIGH COURT] dealing with the scrips of the same company namely M/s. Lifeline Drugs & Pharma Ltd. on the identical set of facts deciding the issue in favour of the assessee, the judgment passed by the Hon’ble Delhi High Court in the matter of PCIT vs. Smt. Krishna Devi [2021 (1) TMI 1008 - DELHI HIGH COURT] we with the above observation do not hesitate to allow the claim made by the appellant towards LTCG in the absence of contrary evidence produced by the Revenue on record. The appeal filed by the assessee is, thus, allowed.
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