9911796707
TMI Blog2022 (5) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.11.2007 is also undisputed. From reading of the assessment order, it appears that the AO was under-impression that the Commissioner of Income Tax-II, Nashik in the order of revision held that the assessee was not eligible for exemption u/s 10(38), as mere reading of the order of revision, it would clearly indicate that it is open remained before the Assessing Officer as free to examine of the issue de-novo on merits. Therefore, the ld. CIT(A) rightly held that the respondent-assessee is entitled to the exemption on capital gains u/s 10(38) as claimed by the respondent-assessee. Thus, we do not find any illegality in the order of the ld. CIT(A). Therefore, we do not find merits in the grounds of appeal raised by the Revenue. Accordingly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Transaction Tax and not the stock in trade. The sale of stock in trade is taxable as business receipts after allowing the expenses relating to Securities Transaction Taxes. 3. On the facts and circumstances of the case and in law, the order of the Ld. CIT(A)-II, Nashik be cancelled on the above issue and that of the A.O. be restored. 4. The appellant craves leave to add, alter, modify, delete, amend any of the grounds with prior permission of the Ld. Pr. CIT, as per the circumstances of the case. 5. The appellant prays to file any of the additional evidence, with the permission of Ld. Pr. CIT, appropriate to the grounds taken in appeal. 4. Briefly, the facts of the case are as under : The respondent-assessee is an i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xemption claimed u/s 10(38) of Rs.1,20,34,601/- by citing that the Commissioner of Income Tax-II, Nashik in the revision order u/s 263 held that the assessee is not eligible for exemption u/s 10(38) of the Act. On appeal before the ld. CIT(A), it held that in the order of revision, the ld. CIT had merely set-aside the assessment order with direction to re-do assessment after giving due opportunity of being heard to the respondent-assessee, which means that it is open remained before the Assessing Officer for de-novo adjudication before the Assessing Officer. The ld. CIT(A), on considering the evidence and facts of the case held that the respondent-assessee is entitled for exemption u/s 10(38) to the extent of Rs.1,20,34,601/-. 6. Bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. CIT(A) on thorough examination of the details and evidences filed before him, had allowed the claim of the assessee. Hence, no interference is called for. 9. We heard the rival submissions and perused the material on record. The issue in the present appeal relates to the allowability of exemption on long term capital gains u/s 10(38) of the Act. The undisputed fact of the case is that the respondent-assessee was holding shares costing to Rs.95,29,192/- as on 31.03.2007. Out of which, shares costing to Rs.60,12,515/- were sold for a consideration of Rs.1,06,78,267/- thereby resulting in capital gains of Rs.46,65,552/- which is not under-dispute, the balance of shares held as on 30.11.2007 costing Rs.66,49,658/- whose market value ..... X X X X Extracts X X X X X X X X Extracts X X X X
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