AMIT GOYAL HUF vs. INCOME TAX OFFICER
Case No: ITA No. 1159/Del/2024
Court: INCOME TAX APPELLATE TRIBUNAL
Bench: DELHI BENCH ‘A’ : NEW DELHI
Date: 2/16/2026
Parties Involved
appellantAMIT GOYAL HUF
respondentINCOME TAX OFFICER
Facts Summary
The assessee, AMIT GOYAL HUF, filed an appeal against the order of the Ld. NFAC dated 31.1.2024, which confirmed the action of the AO in denying the exemption claimed u/s. 10(38) amounting to Rs. 1,16,65,248/- in respect of Long Term Capital Gain earned on sale of shares of M/s HPC Biosciences Ltd. The AO had disallowed the exemption and taxed the gain u/s. 68 of the Act, alleging that the share transactions were not genuine. The assessee argued that the transactions were genuine, supported by d…
Decision in favour of
Assessee
Legal Issues
- 1. Denial of exemption u/s. 10(38) amounting to Rs. 1,16,65,248/- in respect of Long Term Capital Gain earned on sale of shares of M/s HPC Biosciences Ltd.
Precedents Relied Upon
2 precedents cited in this judgement.