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2022 (9) TMI 358 - HC - Income TaxRevision u/s 263 by CIT - Addition u/s 68 - Bogus LTCG - HELD THAT:- We find that the Tribunal has recorded that it is true that some persons were engaged in jacking up the price of certain shares like M/s. KPL and made claim of LTCG on loss depending on the necessity of beneficiary. Having said so, the Tribunal observes that one cannot assume that everyone who claims LTCG on sale of shares of M/s. KPL has been participant in this conspiracy to make windfall gain/loss. Identical was the argument in the batch of cases which we had decided, referred above, where the entire modus operandi has been elaborately discussed.Therefore, we find that the Tribunal ought not to have interfered with the exercise of jurisdiction by the Commissioner under Section 263 of the Act. Revenue appeal allowed.
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