TMI BlogLTCG EXEMPTION ALLOWED – appeals pending need to be pursued. If VSV declaration has been filed , possibilities can be explored for restoration of appeal if addition was made just on allegation of penny stock, bogus LTCG etc. by department.X X X X Extracts X X X X X X X X Extracts X X X X ..... LTCG EXEMPTION ALLOWED – appeals pending need to be pursued. If VSV declaration has been filed , possibilities can be explored for restoration of appeal if addition was made just on allegation of penny stock, bogus LTCG etc. by department. - By: - DEV KUMAR KOTHARI - Other Topics - Dated:- 14-9-2021 - - LTCG EXEMPTION ALLOWED appeals pending need to be pursued. If VSV declaration has been file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d , possibilities can be explored for restoration of appeal if addition was made just on allegation of penny stock, bogus LTCG etc. by department. Honorable Supreme Court has dismissed appeal of revenue against judgment of Gujarat High Court. In this case the claim was allowed by Tribunal for exemption u.s. 10.38 for LTCG alleged to be bogus by revenue. It is well settled that mere report o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f investigation wing cannot be ground for addition, though it can be considered as information to initiate action for reassessment. Opportunity to cross examine parties who made statements which are relied on by department is necessary. Transactions supported by relevant documents cannot be rejected by mere surmise, conjecture , general information or gospel. So in case any VSV declaratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n has been filed, then one can explore possibility for restoration of appeal before appellate forum by not paying the amount under VSV scheme or withdrawing declaration or by proper petition before authority and / or High Court. Judgment of the Supreme Court, High Court and Tribunal: THE PRINCIPAL COMMISSIONER OF INCOME TAX 1 VERSUS PARASBEN KASTURCHAND KOCHAR [2021 (8) TMI 834 - SC ORDE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R] THE PRINCIPAL COMMISSIONER OF INCOME TAX-1 VERSUS PARASBEN KASTURCHAND KOCHAR [2020 (10) TMI 299 - GUJARAT HIGH COURT] PARASBEN KASTURCHAND KOCHAR MEHTA LODHA CO. VERSUS INCOME TAX OFFICER, WARD- 1 (2) (5) , AHMEDABAD [2020 (2) TMI 1344 - ITAT AHMEDABAD] MOHAN POLYFAB P. LTD. VERSUS ITO, WARD-2 (1) (4) AHMEDABAD [2020 (2) TMI 1343 - ITAT AHMEDABAD] - - Scholarly art ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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