Case Law Details
M/s. J.V.S. Foods Pvt. Ltd. Vs DCIT (ITAT Jaipur)
The sales of the shares are not in dispute as the same were sold from the d-mat account against the consideration which was received by the assessee through banking channel. The dematerialization of the shares in the d-mat account is also not in dispute hence the holding of the shares in the d-mat account by the assessee prior to the sale as well as the sale transaction are not in dispute. Once holding of the shares prior to the sale and the sale transaction itself are not in dispute then the same cannot be held as bogus transaction though may be a case of introducing unaccounted income of the assessee for depressing the purchase price of the shares. However, in the absence of any material or the fact to show that the assessee has introduced his own unaccounted money in the name of long term capital gain, the mere suspicion is not enough to deny the claim of the assessee.
FULL TEXT OF THE ITAT JUDGMENT
This appeal by the assessee is directed against the order dated 17th December, 2015 of ld. CIT (A) for the assessment year 2010-11. The assessee has raised the following grounds of appeal :-
“ 1. That on the facts and in the circumstances of the case the ld. CIT (A) is wrong, unjust and has erred in law in confirming finding recorded by the assessing officer that the appellant has failed to prove existence of long term capital gain of Rs. 2,65,27,020/- on sale of listed shares on recognized stock exchange and thereby upholding addition of said Rs. 2,65,27,020/- to the income of the appellant as income from undisclosed sources after rejecting appellant’s claim of its exemption u/s 10(38) of the I.T. Act, 1961.
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