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

Parties Involved

Facts Summary

The present appeal has been filed by the assessee, Mr.s Jigna Hiren Rambhai, challenging the order passed by the National Faceless Appeal Centre (NFAC) / CIT(A) under section 250 of the Income Tax Act, 1961 for the assessment year 2014-15. The assessee claimed exempt long term capital gain u/s 10(38) of the Act on account of sale of shares of M/s SRK Industries Ltd. However, the revenue authorities denied this claim on the premise that the investigation wing had concluded that the assessee had availed accommodation entries to evade tax. The assessee submitted that she had purchased and sold shares of M/s. Transcend Commerce Ltd (now amalgamated with SRK Industries) and provided documentary evidences to support her claim.…

Legal Issues

• 1. Whether the addition of Rs 75,46,047/- u/s 68 of the I T Act 1961 is justified.
• 2. Whether the addition of Rs 2,26,381/- u/s 69C of the I T Act 1961 is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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