Ahmed P. Surani vs. ACIT – 3(1)(1)

Parties Involved

Facts Summary

The assessee, Ahmed P. Surani, filed an appeal against the order of the National Faceless Appeal Centre (NFAC) and the Commissioner of Income Tax (Appeals) regarding the disallowance of exemption claimed under Section 10(38) of the Income Tax Act, 1961, and the addition made under Section 68 of the Act. The assessee claimed exemption for long-term capital gains on the sale of shares of Vishvajyoti Limited. The Assessing Officer (AO) found that the assessee had earned long-term capital gains on the sale of shares and added the sale proceeds under Section 68 of the Act. The Commissioner of Income Tax (Appeals) confirmed the action of the AO. The assessee appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Disallowance of exemption under Section 10(38) of the Income Tax Act, 1961.
• 2. Addition under Section 68 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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