9911796707
TMI Blog2014 (4) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... ised return of income - The decision in Commissioner of Income Tax. Central-I Versus M/s. Pruthvi Brokers & Shareholders Pvt. Ltd. [ 2012 (7) TMI 158 - BOMBAY HIGH COURT] followed – thus, the AO is directed to allow the claim of exemption u/s.10(38) of the Act in respect of LTCG on sale of shares – Decided in favour of Assessee. - I.T.A. No. 7941/Mum/2010 - - - Dated:- 28-3-2014 - Shri N. K. B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs, when the assessee was asked to file the details of the LTCG it was found that the assessee has claimed LTCG on sale of shares at Rs.47,71,191/-, which was claimed as exempt u/s.10(38) of the Act. On receiving no satisfactory explanation in respect of the difference, the A.O. added Rs.1,43,449/- as unexplained cash credit in the hands of the assessee. The assessee carried the matter before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out that the LTCG was actually at Rs.47,71,191/- which was inadvertently claimed at Rs.46,27,742/-. The ld. Counsel stated that as per the decision of the Hon ble Jurisdictional High Court in the case of CIT vs. Pruthvi Brokers and Shareholders Pvt. Ltd. [2012] 349 ITR 336, the jurisdiction of the appellate authorities to entertain a claim has not been negated by the Hon ble Supreme Court and, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eholders Pvt. Ltd. (supra). Respectfully following the decision of the Hon ble Jurisdictional High Court, we direct the A.O. to allow the claim of exemption u/s.10(38) of the Act in respect of LTCG on sale of shares at Rs.47,71,191/-. We accordingly direct the A.O. to delete the addition of Rs.1,43,449/-. 5. In the result, the appeal filed by the assessee is allowed. Order pronounced in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
