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No addition as LTCG arose from valid demerger-allotted shares transaction proving genuineness of documentary evidence
Case Law Details
- Case Name
- Heaven Mahendra Shah Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Heaven Mahendra Shah Vs ACIT (ITAT Mumbai)
Conclusion: Addition under section 68 for Long-term capital gains (LTCG) from sale of shares allotted pursuant to a demerger scheme as bogus and alleged that price manipulation based on a report from the Investigation Wing of the Income tax Department was not justified as the assessee proved genuineness by comprehensive documentary evidence.
Held: Assessee filed return of income for Assessment Year (AY) 2015-16, claiming exemption on LTCG of Rs. 26,02,806 from sale of shares in Pearl Agriculture Ltd (PAL) and Pearl Electronics Ltd (PE...
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