{"id":33287,"date":"2023-03-19T19:58:24","date_gmt":"2023-03-19T14:28:24","guid":{"rendered":"https:\/\/itatonline.org\/digest\/mukesh-nanubhai-desai-v-acit-202296-itr-258-surat-trib-2\/"},"modified":"2023-03-19T19:58:24","modified_gmt":"2023-03-19T14:28:24","slug":"mukesh-nanubhai-desai-v-acit-202296-itr-258-surat-trib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/mukesh-nanubhai-desai-v-acit-202296-itr-258-surat-trib-2\/","title":{"rendered":"Mukesh Nanubhai Desai v . ACIT (2022)96 ITR 258 (Surat) (Trib)"},"content":{"rendered":"<p>The AO denied the exemption treating the transaction as sham on the ground that the directors of the broker companies , whom the assessee undertook transactions of sale of shares were banned by SEBI for market manipulation . In the course of appeal proceedings the assessee has provided contract note\/ ledger account etc which was matched by the data furnished by the Stock exchange . On appeal CIT(A) up held the order of the AO . On appeal the Tribunal held that once it is accepted by the AO in his remand report that all the transactions of the assessee are reflected in the contract notice \/ledger account furnished by assessee\u00a0 which\u00a0 are matching with the data furnished by stock exchange\u00a0 the addition was not justified on mere presumptions\u00a0 and suspicion . Relied on\u00a0\u00a0 Umacharan Shaw and Bros. v. CIT (1959)) 37 ITR 271 (SC)\/ Omar Salay Mohamed Sait v. CIT ( 1959) 37 ITR 151 ( SC)<em>(<\/em> AY.\u00a0 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 10(38) : Long term capital gains from equities \u2013 Sale of shares \u2013 Securities transactions tax was paid \u2013 Mere presumptions and suspicion \u2013 Exemption cannot be denied [ S. 45 ] <\/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-33287","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8ET","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33287","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=33287"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33287\/revisions"}],"predecessor-version":[{"id":33288,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33287\/revisions\/33288"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=33287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=33287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}