ITAT refuses plea of ‘Wrong Legal Opinion’ of Assessee being director of a Company

Smt. V. Sujatha Vs. ITO (ITAT Hyderabad) It was the explanation of assessee that the legal opinion given by the Counsel that there is no capital gain on the STT paid transactions, was not accepted by AO stating that she is a promoter of a company and has a battery of legal advisors and her husband also has legal knowledge. The explanation for not offering interest income was that she was under the impression that the bank interest was exempt. On the third item of claim u/s. 54F, it was the submission that the investment made was only of capital gain but not net consideration and she got confus...