Bhavna Lalit Jain vs. Income Tax Officer, Mumbai

Parties Involved

Facts Summary

The case involves an appeal by Mrs. Bhavna Lalit Jain against the order of the Commissioner of Income Tax (Appeals) dismissing her appeal against the reassessment order passed by the Income Tax Officer. The assessee claimed a long-term capital gain of Rs. 22,404,695/- on the sale of shares of Surabhi Chemicals and Investment Ltd. The Assessing Officer disbelieved the claim and added the amount under section 68 of the Income Tax Act. The assessee argued that the shares were purchased and sold through legitimate channels and produced documentary evidence to support her claim. The key issue was whether the capital gain claimed by the assessee was genuine or bogus.…

Legal Issues

• 1. Whether the long-term capital gain claimed by the assessee is genuine or bogus.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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