Vipul Mittal vs. DCIT, Circle 11 (2)
Case No: ITA No.2850/DEL/2019
Court: Income Tax Appellate Tribunal, Delhi Bench ‘F’
Date: 1/15/2025
Parties Involved
appellantVipul Mittal
respondentDCIT, Circle 11 (2)
Facts Summary
The assessee, Vipul Mittal, filed his return of income for the assessment year 2014-15 declaring an income of Rs.59,68,220/-. The case was selected for scrutiny, and a notice under section 143(2) of the Income-tax Act, 1961, was issued. During the assessment proceedings, the Assessing Officer observed that the assessee had claimed long-term capital gains of Rs.1,29,82,516/- from the sale of shares of Turbotech Engineering Ltd., claiming exemption under section 10(38) of the Act. The Assessing Of…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the CIT(A) erred in confirming the addition of Rs.1,31,00,220/- made by the assessing officer on account of alleged unexplained cash credit under section 68 of the Income Tax Act.
- 2. Whether the CIT(A) erred in confirming the disallowance of exemption of long-term capital gain under section 10(38) of the Act of Rs.1,29,82,516/-.
3 more legal issues analysed in this judgement.
Precedents Relied Upon
18 precedents cited in this judgement.