The Assessee filed revised return wherein exemption claimed under section 10(38) was withdrawn and entire income was offered for tax as income from other sources.\u00a0 During scrutiny proceedings the assessee claimed that revised return was filed under duress during survey and claim made under section 10(38) in original return was valid.\u00a0 On the basis of Investigation report\u00a0 on the\u00a0 group companies the Assessing Officer denied the exemption claimed under section 10(38) of the Act and treated same as bogus on the\u00a0 ground that receipts constituted accommodation entries.\u00a0 On appeal the Tribunal\u00a0 considering the\u00a0 details of purchase and sales were placed before Assessing Officer along with contract notes for purchase and sale, demat account and bank statement\u00a0 allowed the claim of the assessee.\u00a0 Tribunal\u00a0 also held that no incriminating material were found during survey and statements relied upon were recorded much before date of survey conducted at premises of assessee. On appeal by the Revenue, High Court affirmed the order of the Tribunal. CBDT No. 286\/98\/2013, dated 09-01-2014. (AY. 2014-15\u00a0 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Long term capital gains from equities-Survey-Report from investigation wing-Accommodation entries-Kolkata based companies-Order of Tribunal allowing the claim is affirmed. [S. 10(38), 68, 69, 133A] <\/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-38205","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Wd","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38205","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=38205"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38205\/revisions"}],"predecessor-version":[{"id":46807,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38205\/revisions\/46807"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}