ITA No.508/Ahd/2020

Parties Involved

Facts Summary

The assessee filed return of income on 12.07.2012 declaring total income of Rs.10,33,470/-. The case was reopened under Section 147 of the Income Tax Act, 1961 after duly recording the reasons and due sanction of PCIT. Accordingly, notice under Section 148 of the Act was issued on 22.03.2019 and duly served upon the assessee. The Assessing Officer observed that the assessee traded in the scrip of Gemstone Investment Limited and claimed Long Term Capital Gain of Rs.6,76,623/- during the Financial Year 2011-12 relevant to the Assessment Year 2012-13. The assessee has not given the details and, therefore, the Assessing Officer made addition of Rs.6,76,623/- as unexplained money. The assessee filed appeal before the CIT(A) and the CIT(A) allowed the appeal of the assessee.…

Legal Issues

• 1. Deletion of disallowance of Rs.6,76,623/- made under Section 10(38) of the Act
• 2. Deletion of addition of Rs.6,76,623/- as unexplained money

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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