Anju Kesarwani Vs. Deputy Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee sold 4,000 shares of PMC Fincorp Ltd. and declared Short Term Capital Gain (STCG) of Rs. 8,59,559/-. The STCG was duly disclosed in the return of income. The return was processed under section 143(1) of the Act accepting the returned income. The assessment was reopened on the ground that the assessee had allegedly taken bogus entries in the garb of Long-Term Capital Gain (LTCG) on sale of shares. The assessee had in fact earned STCG, which was duly offered to tax.…

Legal Issues

• 1. Validity of reopening of assessment
• 2. Confirmation of addition of Rs. 27,20,000/- u/s. 68

Judgment Outcome

Decided in favour of Assessee.

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