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ITAT Upholds LTCG Exemption as Revenue Failed to Prove Share Transactions Were Bogus
Case Law Details
- Case Name
- ACIT Vs Sudhir Ramswaroop Mundra (ITAT Nagpur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014–15
- Courts
- All ITAT, ITAT Nagpur
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ACIT Vs Sudhir Ramswaroop Mundra (ITAT Nagpur)
The appeal arose from the order of the Commissioner of Income Tax (Appeals)-3, Nagpur, for Assessment Year 2014-15. The Revenue challenged the deletion of an addition of ₹2,52,47,265 made under Section 68 of the Income-tax Act in respect of sale proceeds of shares and the assessee’s claim of exemption under Section 10(38) on long-term capital gains (LTCG).
The assessee had filed a return declaring total income of ₹23,63,330. During scrutiny assessment, the Assessing Officer noticed that the assessee had claimed exempt LTCG o...
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