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Gujarat HC Deletes LTCG Addition as Penny Stock Allegation Was Unsupported by Evidence

Case Law Details

Case Name
PCIT Vs Mamta Rajivkumar Agarwal (Gujarat High Court)
Date of Judgement/Order
Only available for paid members
Related Assessment Year
2013-14
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PCIT Vs Mamta Rajivkumar Agarwal (Gujarat High Court) Gujarat High Court considered a tax appeal filed by the Revenue challenging the order of the Income Tax Appellate Tribunal dated 11.11.2022 for Assessment Year 2013-14. The Revenue questioned the Tribunal’s decision deleting an addition of ₹39,37,423 representing Long-Term Capital Gains (LTCG) claimed as exempt under Section 10(38) of the Income-tax Act. During assessment proceedings, the Assessing Officer noticed that the assessee had purchased 40,000 shares of Shree Nath Commercial and Finance Ltd. on 08.03.2011 for ₹8,94,323 and su...
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Author Info

CA Sandeep Kanoi
Qualification: CA in Job / Business
Company: Taxguru Consultancy
Location: Mumbai, Maharashtra
Articles Published: 17,439

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