Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 103 - AT - Income TaxAddition u/s 68 - Bogus LTCG - Denial of long-term capital gain u/s 10 (38) - HELD THAT:- When the assessee has produced all the information/documents to prove the genuineness of the transaction of the earning of the long-term capital gain which is exempt u/s 10 (38) and the learned assessing officer do not make any enquiry on such documents but merely relied on the report of the SEBI and other material and makes the addition, it cannot be sustained. However, in this case we find that assessee could not produce the contract notes of entering into sale of the above shares on online trading platform of the stock exchange where the time and date stamp and the evidence of payment of security transaction tax is shown Assessee could not produce the contract notes having the date and time stamp and evidence of payment of securities transaction tax, which proves that assessee has sold his shares online on stock exchange trading platform. These documents are of the paramount importance to determine the claim of the assessee. In view of this we set-aside the whole issue back to the file of the learned assessing officer to examine the claim of the assessee of earning the long-term capital gain u/s 10 (38) of the income tax act as claimed by the assessee. We also grant full liberty to the assessee to raise all the pleadings raised before us or any further pleadings before the learned assessing officer. AO is also directed to consider all the arguments of the assessee and peruse the evidence produced by the assessee. The assessing officer may also conduct due enquiries after the assessee submits the necessary evidence and decide the issue in accordance with the law. Appeal of the assessee is allowed for statistical purposes
|