Kailas Chimanbhai Pokal vs. Income Tax Officer

Parties Involved

Facts Summary

This appeal has been filed by the Assessee against the order passed by the Commissioner of Income Tax (Appeal), National Faceless Appeal Centre, Delhi for the Assessment Year 2012-13. The Assessee has appealed against the addition of Rs. 5702390/- being Long Term Capital Gain exemption under section 10(38) of the IT Act, 1961. The Assessee also contested the observations made by the Commissioner of Income Tax (Appeal) that the transactions were not genuine. The Assessee had withdrawn the appeal before the Commissioner of Income Tax (Appeal) but later sought restoration of the appeal. The Commissioner of Income Tax (Appeal) passed an order on 10.04.2024, which the Assessee appealed against.…

Legal Issues

• 1. Whether the CIT(A) erred in confirming the addition of Rs. 5702390/- being LTCG exemption u/s 10(38) of IT Act, 1961.
• 2. Whether the CIT(A) erred in observing that the transactions are not genuine transactions but are arranged with a view to buying entries of Long Term Capital Gain on sale of shares.
• 3. Whether the CIT(A) erred in confirming various observations in the assessment order which are irrelevant and untenable.
• 4. Whether the CIT(A) erred in passing the order by way of withdrawing the appeal even though the appellant had made an application for restoration of appeal.

Judgment Outcome

Decided in favour of Assessee.

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