Share Transfer in Family Arrangement Not Taxable: ITAT Deletes ₹489 Crore Addition

ACIT (OSD) Vs GaganInfraenergy Limited (ITAT Delhi) The present matter involves an appeal by the Revenue and cross-objection by the assessee against the order dated 30.04.2024 passed by the National Faceless Appeal Centre (NFAC) for assessment year 2014–15. The dispute arose from an assessment order passed under Section 143(3) read with Section 254 of the Income Tax Act, 1961. During assessment, the Assessing Officer rejected the returned loss and determined total income at ₹50.33 crore by making a major addition of ₹489.30 crore. This addition was on account of transfer of shares of Jin...