Gifted Shares, Long-Term Gains: ITAT Delhi Throws Out Revenue’s STCG Theory

DCIT Vs Archit Aggarwal (ITAT Delhi) Revenue appealed against CIT(A)/NFAC’s order deleting addition of ₹15.84 crore arising from sale of 6,51,000 shares of Vinay Corporation Pvt. Ltd., where AO had treated gains as Short-Term Capital Gains (STCG) & denied deduction u/s 54F. AO alleged that Archit Aggarwal received the shares from his uncle, Viney Prakash Agarwal, who allegedly purchased 9,23,826 shares from Sudesh Kumari on 02.07.2019 for ₹2,16,683, thereby making the shares short-term in the hands of the Assessee. CIT(A), after detailed examination, held that AO’s conclusion was b...