Date Filed: February 18, 2019
Assessment Year: 2015-16
Order Type: Final Tribunal Order
Date of Order: January 9, 2020
Pronounced On: January 9, 2020
The appeal filed by Aastha Jain was one among several related appeals involving similar issues of disputed long-term capital gains from investments in shares, specifically from a company known to provide accommodation entries.
The appellant contested additions made under Section 68 of the IT Act as unjust, claiming that gains from share sales were legitimate and exempt under Section 10(38). However, the Assessing Officer, supported by findings in related cases, treated these gains as bogus, leading to the dispute.
The tribunal consolidated her case with other similar cases, noting that they shared common issues. The critical point of contention was the authenticity of transactions involving Kappac Pharma Ltd., which had been delisted and flagged for bogus operations.
Despite various submissions and documents presented by the appellant, the tribunal followed precedent set by a prior ruling in the case of Udit Kalra vs. ITO, which had been upheld by the Delhi High Court, confirming the treatment of such gains as non-genuine. Consequently, all related appeals, including Aastha Jain’s, were dismissed, reinforcing the stance against using dubious means for claiming tax exemptions.
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