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ITAT Deletes Addition: AO Can’t Curtail Expenditure Without Evidence of Fraud
Case Law Details
- Case Name
- Trak Services (P) Limited Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Delhi
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Trak Services (P) Limited Vs ITO (ITAT Delhi)
Introduction: The case of Trak Services (P) Ltd. vs. ITO (ITAT Delhi) revolves around the dispute over the calculation of Long Term Capital Gain (LTCG) on the sale of shares of M/s Axis IT&T Ltd. The Assessing Officer (AO) contested the declared LTCG, leading to a legal battle.
1. Background of the Case Trak Services (P) Ltd. declared LTCG from the sale of shares of M/s Axis IT&T Ltd. However, the AO questioned the declared sale price, arguing that the market value on the transfer date should be considered. The dispute centered around wheth...
