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2021 (1) TMI 672 - AT - Income TaxYear of Taxability of LTCG / STCG - Sale of shares - Income Declaration Scheme, 2016 - penny stock company - As per revenue assessee has not sold any shares during the year under consideration, therefore, there is no question of any capital gain/capital loss arises for consideration - HELD THAT:- The source of investment was explained by the assessee before the Assessing Officer and the Assessing Officer accepted source and no addition was made. Therefore, as rightly submitted by the ld. Representative for the assessee it cannot be said that the source of investment to the extent of ₹ 50,31,000/- was not explained. Now the assessee claims that the total purchase of shares to the extent of ₹ 98,34,260/- was for two A.Ys.. This fact is admitted by the Assessing Officer. There was no capital gain arises for A.Y. 2014-15. For the A.Y. 2015-16, the assessee sold the shares and declared the same under Income Declaration Scheme, 2016 and paid the taxes. In such circumstances, this Tribunal is of the considered opinion that the CIT(A) has rightly deleted the entire addition made by the Assessing Officer. Therefore, this Tribunal do not find any reason to interfere with the order of CIT(A). Accordingly, the same is confirmed.
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