Case Law Details
Sandip Bhikhubhai Padsala Vs. ITO & Anr. (Gujarat High Court)
It is submitted that as such the petitioner – assessee did not claim interest under section 40(a)(ia) of the Income Tax Act, and therefore, there was no question of reopening of the assessment on the aforesaid ground.
it is an admitted position that the petitioner – assessee did not claim any interest under section 40(a)(ia) of the Income Tax Act, and therefore, on the aforesaid ground the assessing officer is not justified in reopening the assessment.
No exemption under section 10(38) could be allowed in respect of capital gains arising on sale of shares held for less than 12 months period.
The claim of assessee that shares were purchased on 2-6-2007 was not tenable. It was required to be treated as purchase on 2-12-2010 for 90,000 and on 16-3-2011 for 2,20,000 shares as evident from the d-mat account. As such, period of holding was less than 12 months, the assessee was not entitled of exemption under section 10(38) of the Act and liable to tax under section 111A.
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