{"id":20089,"date":"2021-07-07T19:15:01","date_gmt":"2021-07-07T13:45:01","guid":{"rendered":"https:\/\/itatonline.org\/digest\/achal-gupta-v-ito-lucktrib-www-itatonline-org-udit-gupta-v-ito-luck-trb-www-itatonline-org-rakesh-narain-gupta-huf-v-ito-luck-trib-www-itatonline-org\/"},"modified":"2021-07-07T19:15:01","modified_gmt":"2021-07-07T13:45:01","slug":"achal-gupta-v-ito-lucktrib-www-itatonline-org-udit-gupta-v-ito-luck-trb-www-itatonline-org-rakesh-narain-gupta-huf-v-ito-luck-trib-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/achal-gupta-v-ito-lucktrib-www-itatonline-org-udit-gupta-v-ito-luck-trb-www-itatonline-org-rakesh-narain-gupta-huf-v-ito-luck-trib-www-itatonline-org\/","title":{"rendered":"Achal Gupta v. ITO (Luck)(Trib). www.itatonline.org Udit Gupta v.ITO (Luck ) ( Trb) www.itatonline.org Rakesh Narain Gupta HUF v. ITO ( Luck ) ( Trib) www.itatonline.org"},"content":{"rendered":"<p><strong>The assessee purchased of CCL International Ltd from Suktara Trade Links pvt Ltd . The shares were sold through Edelweiss Broking Ltd . The shares were sold after holding \u00a0the share one and half years . The Assessing Officer on the basis of report of the investigation wing \u00a0, Kolkota\u00a0 held that \u00a0capital gain being bogus hence not entitle exemption . \u00a0Allowing the appeal of the assessee the Tribunal held that the documents demonstrates that the assessee had purchased shares through Brokers for which the payment was made through banking channels. The assessee had sold shares through an authorized stock broker and payment was received through baking channels after deduction of STT. The AO has not doubted any of the documents. The only objection raised is that the script from which the assessee had earned Long Term Capital Gain has been held by the Investigation Wing of the Revenue to be a paper entity and that this scrip was being used for creating artificial capital gain. The objection is not acceptable (Udit Kalra v ITO ITA No. 220\/ 2019 dt 8-3 2019 \u00a0(Delhi High Court) distinguished). <\/strong>( ITA No. 501,502,504 &amp;505\/LKw\/2019, dt,16.12.2020)(AY. 2015-16)<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits \u2013 Capital gains \u2013 Penny stocks \u2013 STT paid \u2013   Denial of exemption is held to be not justified [ S. 10(38), 45, 69   ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-20089","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5e1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=20089"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20089\/revisions"}],"predecessor-version":[{"id":20090,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20089\/revisions\/20090"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=20089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=20089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=20089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}