Case Law Details
Meenu Goel Vs ITO (ITAT Delhi)
The assessee has submitted various documentary evidences to prove the genuineness of the transaction of sale and purchase of shares which includes a copy of purchase bill dated 22.02.2010; a copy of share transfer form in the favour of the assessee; Copy of bank statement highlighting the payment made against the share purchased; Transaction statement of the stock broker i.e. Pace Stock Broking Services (P) Ltd., account; copy of bank statement in which sale proceed from the sale of shares received; copy of calculation of long term capital gain, which was not faulted by the AO. However, the lower authorities have not considered the aforesaid documents and rejected all the claims made by the assessee by relying on the report of the Investigation Wing and thereby made the addition, which is not sustainable in the eyes of law. I further find that the AO has given detailed explanation in the order regarding the modus operandi of bogus LTCG scheme but failed to substantiate how the assessee fell in the purview of the same without bringing any material on record and proving that the assesssee was directly involved in the so called bogus transaction. I further note that the addition in dispute made by the AO and upheld by the Ld. CIT(A) u/s 68 as unexplained credit instead of long term capital gain as claimed by the assessee, however, the source identity and genuineness of the transaction having been established by documentary evidences and there is no case for making addition u/s 68 of the Act, hence, the same deserve to be deleted.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
The Assessee has filed the Appeal against the Order dated 14.1.2017 of the Ld. CIT(A)-11, New Delhi pertaining to assessment year 2014-15 and raised the following grounds:-
1. That the appellant is an Individual and filed its Income tax return during the Financial Year 2013-14 declaring income of Rs. 3,67,580/-. Later on the case was selected for scrutiny under section 142( 1) of the Income Tax Act, 1961.
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