Aditya Baheti vs. ITO

Parties Involved

Facts Summary

During the assessment year 2014-15, Aditya Baheti filed a return of income declaring a total income of Rs. 14,36,070/-. He claimed exemption of Rs. 23,89,107/- under section 10(38) of the Income Tax Act, 1961 on sale of shares of Tarbo Tech Ltd. The Assessing Officer (AO) disallowed this exemption, treating the Long Term Capital Gain (LTCG) as bogus and added Rs. 23,89,107/- to the assessee's income. The AO also added Rs. 48,790/- as commission for acquiring the accommodation entry. The assessee appealed to the Commissioner of Income Tax (Appeals) (CIT(A)), which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Addition of Rs. 23,89,107/- as bogus LTCG under section 68 of the Act
• 2. Addition of Rs. 48,790/- as commission under section 69C of the Act
• 3. Non-consideration of the assessee's reply submitted on the Income Tax Portal

Judgment Outcome

Decided in favour of Assessee.

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