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2024 (1) TMI 800 - GUJARAT HIGH COURTUnexplained income u/s 68 - sale proceeds of the share treated as bogus - ITAT deleted addition - HELD THAT:- Tribunal has arrived at a finding of fact that shares of Sunrise Asian Ltd. sold by the assessee cannot be doubted as bogus and exemption u/s 10(38) of the Act was rightly availed by the assessee. Tribunal has also concluded that the presumption drawn by the AO was not corroborated by any evidence to establish the alleged non-genuine transaction by the assessee. It was, therefore, rightly held by the Tribunal that the claim of the assessee for exemption of Long Term Capital Gains u/s 10(38) of the Act cannot be held to be bogus on the basis of presumption in absence of any evidence brought on record by the assessee with regard to shares of Sunrise Asian Ltd, which is not even found to be rigged by the SEBI also. Tribunal has also considered that the assessee held the shares for two and half years and after holding the shares for a long period, the same were sold by the assessee and therefore, reliance was placed on the decision of this Court in the case of Jagat Pravinbhai Sarabhai [2023 (1) TMI 44 - GUJARAT HIGH COURT]. - Decided against revenue.
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