Om Prakash Agarwal vs. ITO, Ward 2, Makrana

Parties Involved

Facts Summary

The assessee, Om Prakash Agarwal, filed an appeal against the appellate order passed by the National Faceless Appeal Centre (NFAC) Delhi, which dismissed his appeal against the assessment order passed by the Income Tax Officer, Ward-2, Makrana. Agarwal claimed exemption under Section 10(38) of the Income Tax Act, 1961 for long-term capital gains of Rs.49,27,649/-. The Assessing Officer added this amount under Section 68 of the Act, considering it as unexplained cash credit. Agarwal argued that the Assessing Officer did not conduct any proper enquiry and relied solely on the report of the investigation wing of Calcutta. Agarwal submitted all necessary details of the acquisition, dematerialization, and sale of shares, along with the payment details. The Tribunal found that the Assessing Officer failed to make any enquiry and dismissed the addition under Section 68 of the Act.…

Legal Issues

• 1. Denial of exemption under Section 10(38) of the Act for long-term capital gains.
• 2. Addition of commission expenditure under Section 69C of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Girish Chimanlal Sangani vs. DCIT-Central Circle

  Mumbai bench

• Surendra Garg, HUF vs Income Tax Officer 19(3)(4), Mumbai

• Asst. Commissioner of Income Tax, Circle 32 Vs. Roselife Enclave LLP

• Sudheer Chirania Vs. The Income Tax Officer, Ward – 23(3)(7), Mumbai

• Sri Hari Prasad Agarwal Vs ITO Ward-46(1), Kolkata

  SMC Bench, Kolkata benchAY 2015-2016Allowed

• Susanta Mallick vs. DCIT, Circle 11(1), Kolkata

  Kolkata Bench benchAY 2015-2016Allowed