Sterling Finvst Private ltd. Vs. DCIT, Circle-5(1)
Parties Involved
Facts Summary
The assessee, Sterling Finvst Private ltd., filed the return of income on 28-09-2014, showing a total income of ₹60,43,770. The case was selected for scrutiny, and the assessment under section 143(3) was framed on 28-12-2016, assessing the total income at ₹1,17,69,646 after making an addition of ₹53,24,681 under section 68 for bogus long-term capital gain from the sale of shares of Midland Polymer Limited. The Assessing Officer (AO) treated the long-term capital gain as non-genuine while accepting the short-term capital gain from the same equity shares as genuine. In the appellate proceeding, the Learned CIT (A) deleted the addition under section 14A but sustained the addition under section 68.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the long-term capital gain of ₹53,24,681 from the sale of equity shares of Midland Polymer Limited is genuine or bogus.
Judgment Outcome
Decided in favour of Assessee.
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