Case Law Details
Archana Rajendra Malu Vs ITO (ITAT Pune)
Introduction: In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Pune addressed a case involving Archana Rajendra Malu and the denial of tax exemption under Section 10(38) of the Income Tax Act due to her involvement in sham transactions with paper companies. The ITAT upheld the order of the Commissioner of Income Tax (Appeals) (CIT(A)) in this matter.
Detailed Analysis:
Background of the Case: Archana Rajendra Malu’s case involved an appeal against the common order dated 03-10-2018 passed by the Commissioner of Income Tax (Appeals)-2, Kolhapur (CIT(A)), for the assessment year 2015-16.
Key Grounds Raised by the Assessee: The primary issue for consideration was whether the CIT(A) was correct in confirming the addition made by the Assessing Officer (AO) under Section 68 of the Income Tax Act. The addition amounted to Rs. 1,35,63,573 and was related to the alleged receipt of bogus Long Term Capital Gains.
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