2023 (1) TMI 44

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....R BHATT & CO ORAL ORDER (PER : HONOURABLE MR. JUSTICE N.V.ANJARIA) The present Tax Appeal preferred under Section 260A of the Income Tax Act is directed against judgment and order dated 1.12.2021 of Income Tax Appellate Tribunal, Ahmedabad, 'B' Bench, Ahmedabad in ITA No.1505 of 2019. 2. As submitted by learned senior advocate Mr.M.R.Bhatt for M.R.Bhatt and Co., the appellant revenue propos....

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....s indulged into script of shell company and had claimed long term capital gain on sale of shares of Devika Proteins Limited to the tune of Rs.2,10,474/- and that the amount was claimed as exemption under Section 10(38) of the Income Tax Act, 1961 (hereafter referred to as 'the Act') 3.1 The Assessing Officer made addition of the said amount. The entire transaction was treated as bogus and in the....

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....1. 5. The genuineness of investment in the shares by the assessee was substantiated by him by producing copy of transaction statement for the period from 1.6.2001 to 1.10.2010. The investment was made in the year 2000-01. The shares were retained for more than ten years and were sold after such long time. These circumstances suggested that the investment was not bogus or investment made in penny....