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

Parties Involved

Facts Summary

The case involves two appeals by Surendra Garg, HUF, against reassessment orders for Assessment Years 2012-2013 and 2013-2014. The Assessee claimed long-term capital gains exemption under Section 10(38) for the sale of shares of KGN Enterprises Ltd. The Assessing Officer initiated reassessment proceedings under Section 147, alleging that the transactions were pre-determined and involved bogus long-term capital gains entries. The Assessee challenged the validity of the reassessment proceedings and the additions made under Section 68 of the Act.…

Legal Issues

• 1. Validity of reassessment proceedings under Section 147 of the Act.
• 2. Addition of INR.59,24,273/- under Section 68 of the Act for Assessment Year 2012-2013.
• 3. Addition of INR.1,28,00,567/- under Section 68 of the Act for Assessment Year 2013-2014.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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