Assessment u/s 153A - disallowance of bogus Long Term Capital ...

Tax Department's Disallowance of Long Term Capital Gains on TFCIL Shares Lacks Merit; Initial Scrutiny Found Gains Genuine.

December 18, 2023

Case Laws Income Tax AT

Assessment u/s 153A - disallowance of bogus Long Term Capital Gain - In five scrutiny cases of the sale of shares, i.e. TFCIL, gain earned by the assessee was accepted as a genuine by the Department itself. Out of these five cases, two are in the re-assessment u/s 147 and these assessment orders have been framed after more than one year of the search. Therefore, Department was not doubting the genuineness of the transactions - Department was not possessing any details, which authorize it to doubt the claim made by the assessee. Therefore, even otherwise on merit also, no addition is sustainable - AT

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Assessment u/s 153A - disallowance of bogus Long Term Capital ...

Tax Department's Disallowance of Long Term Capital Gains on TFCIL Shares Lacks Merit; Initial Scrutiny Found Gains Genuine.

December 18, 2023

Case Laws Income Tax AT

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