Case Law Details
Shweta Puneet Kulthia Vs ITO (ITAT Delhi)
We find the AO in the instant case has rejected the claim of deduction u/s 10(38) of the Act on the ground that the assessee failed to substantiate with evidence to his satisfaction regarding sale of shares of M/s Lifeline Drugs & Pharma Ltd. which increased from Rs.6 to Rs.186.84 in just 18 months. According to him, hike in price of the scrip is not supported by the fundamental of the company and the assessee could not substantiate with any supporting evidence to justify the transaction. We find the ld. CIT(A) in his elaborate order has decided the issue and dismissed the appeal filed by the assessee on the ground that the AO has clearly given the modus operandi of money laundering by the stock broker of the agents and the beneficiaries are interested in having their money laundered. He has given detailed reasoning as to how the assessee has introduced her unaccounted money in the garb of Long Term Capital Gain (LTCG). Nothing has been brought by the assessee before us to take a contrary view than the view taken by the ld. CIT(A) on this issue. We, therefore, uphold the order of the Ld. CIT(A) and the ground raised by the assessee is dismissed.
FULL TEXT OF THE ORDER OF ITAT DELHI
This appeal filed by the assessee is directed against the order dated 13.12.2017 of the learned CIT(A)-12, New Delhi, relating to AY 2014-15.
2. The assessee in the grounds of appeal has challenged the order of the Ld. CIT(A) in confirming the addition of Rs.52,31,521/- made by the AO by disallowing the claim of deduction 10(38) of the Act.
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