Ketan Babulal Jain vs Income Tax Officer
Case No: ITA No.1932/Mum/2025 & ITA No.1933/Mum/2025
Court: Income Tax Appellate Tribunal, Mumbai Bench ‘E’
Date: 1/22/2026
Parties Involved
AppellantKetan Babulal Jain
RespondentIncome Tax Officer
Facts Summary
The assessee's case was reopened under section 148 of the Income-tax Act, 1961. An addition was made related to long-term capital gain (LTCG) for the sale of shares of Excel Castronics Limited amounting to Rs. 2,70,07,013/-. The assessee claimed exemption under section 10(38) of the Act for an amount of Rs. 1,62,72,384/-. However, the Assessing Officer (AO) treated the entire transaction as bogus and added back the amount under section 69 read with section 115BBE of the Act, amounting to Rs. 2,7…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the reassessment notice issued under section 148 of the Act for A.Y. 2014-15.
- 2. Validity of the reassessment notice issued under section 148 of the Act for A.Y. 2015-16.
Precedents Relied Upon
3 precedents cited in this judgement.