TaxTMI 
TaxTMI 
2026 (3) TMI 64
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....ter referred to as 'the Act') passed by the DCIT, Central Circle-28, Delhi for AY: 2017-18. 2. Heard and perused the records. Brief facts of the case are that initially the impugned case was re-opened u/s 147 vide notice u/s 148 dated 31.03.2021 on the issue of LTCG u/s 10(38) of Rs. 29,08,873- claimed by assessee on sale of shares of M/s Alankit Ltd. Subsequently, on the basis of the search conducted in the case of Alankit Group, a satisfaction note u/s 153C of the Act, copy of which is at 19-43 & 44-65 of PB was recorded in the case of the assessee inter-alia for the year under consideration and notice u/s 153C dated 28.12.2021 was accordingly issued for the year under consideration. Consequently, the pending re-assessment proceedings ....
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....3.1 Ld. Counsel submitted that at PB 7-18 is the copy of notice u/s 148 along with reason recorded showing that the case of was reopened for the issue of LTCG u/s 10(38) of Rs. 29,08,873/-claimed by assessee on sale of shares of M/s Alankit Ltd. and at PB 19-43 and 44-65 are the copies of satisfaction notes recorded u/s 153C by the AO of the searched person and by the Ld. AO of the assessee which would show that the said issued the issue of LTCG u/s 10(38) of Rs. 29,08,873/- claimed by assessee on sale of shares of M/s Alankit Ltd does not form part of the said satisfaction notes. This fact has duly been acknowledged by Ld. PCIT at page 34 of his order. In this regard, reliance is placed on the following judicial decisions wherein it has be....
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....for the year under consideration wherein assessee has duly declared the exempt LTCG u/s 10(38) amounting to Rs. 29,08,873 on the sale of shares of M/s Alankit Lta. 2. PB 90-99 is the copy of notice u/s 142(1) dated 24.11.2022 issued by Ld. AO during the course of assessment proceedings wherein Ld. AO has duly required assessee vide question 15 and 16 (PB 95) to furnish complete details along with evidences of shares sold by the assessee during the year under consideration. 3. PB 100-169 (131 & 164-165) is the copy of show cause notice dated 18.02.2023 issue by Ld. AO during the course of assessment proceedings wherein assessee was required to show cause as to why the exempt LTCG of Rs. 29,08,873/-claimed by the assessee sh....
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....ted from the assessee's DMAT account. * PB 198-201 & 206 is the copy of contract note for purchase of shares of M/s Alankit Ltd in FY 2012-13. 5. In view of the above, it was submitted that the impugned assessment order has been passed by the Ld. AO after making due enquires and necessary verification and after applying his mind a view has been taken by the Ld. AO assessment. Thus, the order passed u/s 263 is without any basis, material or evidences and deserves to be quashed and in this regard, reliance is placed on the following judicial decisions: * Malabar Industrial Co. Ltd. vs. CIT, (2000) 243 ITR 83(SC) * CIT vs. Max India, 295 ITR 282 (SC) 6. Lastly it was contended that after passing of the impu....
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.... the said issue in question but the aforesaid submission of ld. Counsel sufficiently establish that issue has been duly examined and there was due indulgence. Ld. AO vide show cause notice dated 18.02.2023 (PB 131, 165) required assessee to show cause as to why the exempt LTCG of Rs. 29,08,873/- claimed by the assessee should not be added tohis total income and in response to the said notice detailed reply dated 28.02.2023 was filed by assessee along with substantial evidences in support of its claim of exempt LTCG. 10. Then Ld. PCIT has heavily relied upon the statement of one Sh. Sunil Kumar Gupta, recorded during the search on Alankit Group to show that assessee was involved with Alankit Group in providing accommodation entries for co....