ITO Vs Shri Suresh Chand Gupta (ITAT Kolkata)
On the basis of evidences filed by assessee its claim was to be allowed where income in question was a bona fide long-term capital gains arising from sale of shares and hence, exempt from tax as there was no material indicating assessee’s nexus with alleged share price rigging.
FULL TEXT OF THE ITAT JUDGEMENT
This Revenue’s appeal for assessment year 2014-15 arises from the Commissioner of Income Tax (Appeals)-12, Kolkata’s order dated 20.04.2017, passed in case No.10190/CIT(A)-12/Kol/Ward-40(2)/2016-17, in proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’.
Heard both the parties. Case file perused.
2. The Revenue’s sole substantive ground raised in the instant appeal pleads that the CIT(A) has erred in law and on facts in reversing the Assessing Officer’s action treating assessee’s alleged Long Term Capital Gains (LTCG) of ₹ 3,84,74,960/- to be bogus in the nature of unexplained cash credits u/s 68 of the Act. The CIT(A)’s detailed discussion qua the impugned sole issue reads as under:-
“3.2 I have perused the observations and findings contained in the assessment order. I have also considered the submission of the appellant along with paper book filed by Ld. A/R which contained, inter-alia, the following documents:-
