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Section 148 Notice Quashed as Change of Opinion; Section 68 Fails on Merits
Case Law Details
- Case Name
- ACIT Vs Arun Kumar (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Arun Kumar (ITAT Delhi)
Sale of Shares Through SEBI Broker, Tax Paid—No Scope for s.68 Addition – Notice u/s 148 Violates Asian Paints Rule- Revenue’s Appeal Dismissed
Revenue appealed against deletion of addition of Rs.57,06,000/- made by AO u/s 68 on alleged penny stock transactions in shares of City Travel Solutions Ltd. Assessee had purchased 19,000 shares in April 2013 for Rs.11,86,972/- & sold them in March 2014 through Reliance Securities Ltd, a SEBI-registered broker, receiving net sale proceeds of Rs.56,94,882/-. Assessee had already declared Rs...
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