2022 (9) TMI 1190

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.... : Mr.V.K.Sabharwal, Advocate with Mr.R.B.Gupta, Advocate. Respondents: Mr.Abhishek Maratha, Sr.Standing Counsel. JUDGMENT MANMOHAN, J (Oral): C.M.APPL. 38256/2022 1. Exemption allowed, subject to all just exceptions. 2. Accordingly, the application stands disposed of W.P.(C) 12626/2022 & CM APPL.38255/2022 3. Present writ petition has been filed challenging the order passe....

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....g Term Capital Gain ('LTCG') of Rs.33,74,855/-under Section 10(38) of the Act. 6. Learned counsel for the petitioner states that the finding of the Assessing Officer in the impugned order dated 30th July, 2022 passed under Section 148A(d) of the Act that an income of Rs.50,10,500/-has escaped assessment is factually incorrect. He states that Section 148A(d) of the Act only talks of escapement o....

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....e of the fact that in the case of another assessee in W.P.(C) No.12532/2022 who had similarly purchased the stock of M/s. Solis Marketing Ltd., the revenue department has alleged that the assessee therein had earned long term capital gain which was almost forty-five times the investment within a short span of time. In this case as well, a perusal of the petitioner's reply dated 29th May, 2022 evid....