Shri Anilkumar M. Jain vs. The ACIT, Circle – 5(2), Ahmedabad

Parties Involved

Facts Summary

The assessee, Shri Anilkumar M. Jain, filed an appeal against the order passed by the Commissioner of Income Tax (Appeals) for the Assessment Year 2012-13. The assessee claimed exemption for long-term capital gain (LTCG) amounting to Rs.15,74,602/- from the sale of shares of Alpha Graphic India Limited. The Assessing Officer added Rs.15,74,602/- for unexplained and unaccounted cash receipt through bank entry, treating it as income from other sources. The Commissioner of Income Tax (Appeals) dismissed the assessee's appeal. The assessee argued that the source of the amount was completely explained and was capital gain on the transfer of a long-term capital asset, entitled to exemption under Section 10(38) of the Income Tax Act, 1961. The assessee also contended that the Assessing Officer's reliance on the Kolkata Investigation Wing's report was not applicable to his case.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in upholding the validity of the order passed by the Assessing Officer.
• 2. Whether the Commissioner of Income Tax (Appeals) erred in upholding the addition of Rs.15,74,602/- alleging unexplained and unaccounted cash receipt through bank entry.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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