Padmaja Rajesh Harve vs. ACIT-41(1)(1)
Case No: ITA No. 5343/MUM/2025
Court: INCOME-TAX APPELLATE TRIBUNAL, MUMBAI “C” BENCH, MUMBAI
Date: 1/22/2026
Parties Involved
AppellantPadmaja Rajesh Harve
RespondentACIT-41(1)(1)
Facts Summary
The assessee, Padmaja Rajesh Harve, filed her return of income electronically on 31.07.2017 declaring total income at Rs.2,26,04,590/-. She was a director and shareholder of M/s Harve Tube Tekniqs Pvt. Ltd., which was converted into M/s Harve Tube Tekniqs LLP on 15.09.2016. All assets and liabilities, including reserves and surplus of Rs.16,56,83,027/-, were transferred to the LLP. The reserves and surplus were transferred to both partners' current accounts in the LLP at Rs.8,28,41,514/- each on…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Long-Term Capital Gain of Rs. 8,28,41,514/- should be considered as Short-Term Capital Gain.
- 2. Whether the Company Harve Tube Tekniqs Private Limited was entitled to claim benefit u/s. 47(xii)(b).
3 more legal issues analysed in this judgement.
Precedents Relied Upon
3 precedents cited in this judgement.