2024 (6) TMI 1200

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....vance revolves around a single issue, namely ld. CIT (Appeals) has erred in confirming the action of the ld. Assessing Officer, for which long-term capital gain claimed by the assessee amounting to Rs.10,07,722/- was disallowed as exempt under section 10(38) of the Income Tax Act. 3. Brief facts of the case are that the assessee has filed his return of income on 12.09.2015 declaring total income of Rs.9,77,350/-. The case of the assessee was selected for scrutiny assessment and a notice under section 143(2) was issued and served upon the assessee. During the course of scrutiny assessment, it revealed to the ld. Assessing Officer that the assessee has purchased 6,000 of equity shares of Sulabh Engineers & Services Ltd. through the broker,....

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....pital Gain derived by the assessee in the purchase and sale of shares of the said company i.e. Sulabh Engineers and Services Limited have been accepted as genuine by Hon'ble Tribunal Benches i.e., Hon'ble Kolkata ITAT, Hon'ble Chennai ITAT and Hon'ble Lucknow ITAT. 1. Vasudha Jain vs ITO - Kolkata ITAT 2. Smt. Suman Kothari vs ITO - Kolkata ITAT 3. Deepak Kumar Agarwal vs ACIT - Kolkata ITAT 4. Smt. Nainimal Jain Anita vs ITO - Chennai ITAT 5. Asish Kumar Bose vs DCIT- Kolkata ITAT 6. Sanjay Kumar Agarwal (HUF) vs ITO - Kolkata ITAT 7. Uma Shanker Dhandhania vs ITO - Lucknow ITAT In a recent decision rendered by Hon'ble Calcutta High Court in the cas....

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....cessive. In assessee's case the shares were purchased in May, 2013 when the BSE Sensex was 19,760 and when the shares were sold in the month of July, 2014 and August, 2014 the BSE Sensex was 26,300 and 26,674. And thus it is factually incorrect to assume that the gains have been made in a recessionary market. Similarly the NSE Index(NIFTY) also rose from 5985 in May, 2013(month of purchase) to 7,840 and 7,968 in July and August, 2014(month of sale). Copies of the BSE and NSE Sensex for the period April, 2013 to December, 2014 are enclosed in our earlier paperbook filed on 20- 09-2023 [Pg. 127-131]. It is further submitted that the share prices of Sublabh Engineers and Services Limited have risen from ....

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....io of the former case becomes applicable to the latter case" as held by Hon'ble Karnataka High Court in the case of Flipkart India Pvt. Ltd. Vs. Asst. CIT T396 ITR 551 (Karn.H Reliance is also placed on the decision of Hon'ble Supreme Court in the case of Padmasundara Rao vs State of Tamil Nadu 255 ITR 147(S.C.) wherein the Hon'ble Court held as under: "Precedents - Decision made on setting of facts of particular case - Reliance on earlier decision to be based on fitting factual situation." "Courts should not place reliance on decisions without discussing how the factual situation fits in with the fact situation of the decision on which reliance is placed" Further it is submitted that, the assessee has....

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....oviding bogus accommodation of LTCG, however, there was lack of adverse comments from stock exchange and officials of company involved in these transactions and no material relating to assessee was found in investigation wing report, additions made by Assessing Officer had rightly been deleted. SLP filed by revenue against impugned order was to be dismissed" In the case of assessee also, there were no adverse comments either from the stock exchange or from the officials of the company. 6. His emphasize was that no doubt Sulabh Engineers & Services Ltd. is one of the Company in the list of 84 companies considered by the Hon'ble Jurisdictional High Court in the case of Swati Bajaj & Others (2022) 139 taxmann.com 352(Cal. But his c....