Manishkumar R Agrawal Vs. ITO

Parties Involved

Facts Summary

The assessee, Manishkumar R Agrawal, filed an appeal against the order passed by the Commissioner of Income Tax (Appeals) under Section 250 of the Income-tax Act, 1961 for the Assessment Year 2018-19. The assessee claimed capital gains from the sale of shares of Kushal Tradelink Limited and a long-term capital loss from the sale of an immovable property. The Assessing Officer added Rs.14,85,833/- to the assessee's income under section 69A of the Act, considering it as unexplained money, and restricted the capital loss to Rs.18,30,074/- from Rs.40,73,969/-. The assessee argued that the transactions were genuine and supported by various documents. The Income Tax Appellate Tribunal upheld the addition of Rs.14,85,833/- under section 69A of the Act but allowed the restriction of the capital loss to be adjudicated afresh by the Commissioner of Income Tax (Appeals).…

Legal Issues

• 1. Whether the sale consideration of Rs.14,85,833/- received by the assessee from sale of shares of Kushal Tradelink Limited was liable to be treated as unexplained money u/s 69A of the Act or not.
• 2. Whether the restriction of the Long-Term Capital Loss claimed by the assessee at Rs.40,73,969/- to Rs.18,30,074/- was justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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