Dy. Commissioner of Income Tax, Circle 49(1), Delhi. Vs. Sh. Bal Kishan Arora

Parties Involved

Facts Summary

The case involves the purchase and sale of 50,000 shares of M/s Gold Line Finvest International Ltd. by the assessee, Sh. Bal Kishan Arora. The shares were purchased on 15.01.2013 for Rs. 5 lakhs and sold between 29.04.2014 to 07.05.2014 for Rs. 1,99,42,030/-. The Assessing Officer (AO) made an addition of Rs. 1,99,42,030/- under Section 68 of the Income Tax Act, alleging sham transactions and artificial increase in share prices. The Revenue appealed against the order of the National Faceless Appeal Centre, Delhi, which had deleted this addition.…

Legal Issues

• 1. Whether the addition of Rs. 1,99,42,030/- under Section 68 of the Income Tax Act by the AO was justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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