Maganbhai Tapubhai Movaliya (HUF) Vs. ACIT

Parties Involved

Facts Summary

The appellant, a HUF, filed an appeal against the order passed by the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre(NFAC), Delhi, dated 02.02.2024 under section 250 of the Income Tax Act, 1961. The appellant claimed exemption on long-term capital gain of Rs. 17,90,000/- on the sale of shares pertaining to Twenty-first century (India) Limited, which was a penny stock. The Assessing Officer contended that the capital gain was not genuine and hence liable to tax u/s 115BBE of the Act. The appellant filed detailed submissions which were not considered by the Assessing Officer. The appellant filed an appeal before the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre(NFAC), Delhi, which was dismissed. The appellant further appealed to the Income Tax Appellate Tribunal, Rajkot Bench.…

Legal Issues

• 1. Whether the long-term capital gain on sale of shares amounting to Rs.18,50,300/- earned by the appellant and claimed as exempt is bogus?
• 2. Whether the learned A.O. has grievously erred in not allowing set off of the purchase value of the impugned shares against the sales consideration whilst assessing the long-term capital gain u/s 69A of the Act?

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Mr. Kush N Shah vs. ITO, Ward 21(2)(1), Mumbai

  Mumbai bench

• Income Tax Officer, Ward -12(1) Vs. Vasa Commercial Pvt. ltd.

  Kolkata benchAY 2015-16Dismissed

• Arvind Bhaguji Kangane Vs DCIT, Circle – 27(1), Mumbai

  Mumbai benchAY 2016-2017Allowed

• Mr. Jay Hansraj Chheda Vs. Income Tax Officer

• Anju Kesarwani Vs. Deputy Commissioner of Income Tax

  Delhi Bench benchAY 2014-15Allowed

• Mr.s Jigna Hiren Rambhai vs. ITO, Ward 32(2)(4)

  F Bench, Mumbai benchAY 2014-15Allowed