Assessee sold shares and claimed exemption under section 10(38) of the Act. Assessing Officer doubted the transaction on a report by Investigating Wing and made\u00a0\u00a0 additions under sections 68 and 69 of the Act. Assessee furnished complete, unchallenged evidence such as contract notes, demat details, and bonus share records-Further, transactions were routed through BSE with STT paid, and no misconduct was attributed to broker.\u00a0 SEBI\u2019s detailed inquiry found no statutory violations.\u00a0 \u00a0Considering all those details, Tribunal deleted addition under section 68 and allowed exemption under section 10(38). \u00a0High Court affirmed the order of the Tribunal.Revenue has filed SLP before the Supreme Court was delayed by 282 days. Supreme Court\u00a0 dismissed the SLP on the ground taht delay of 282 days in filing SLP which had not been satisfactorily explained by revenue. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Capital gains-Exemption-Sale of shares-Report by Investigation Wing-SEBI\u2019s detailed inquiry found no statutory violations-Order of Tribunal deleting the addition and allowing the exemption was affirmed by High Court-SLP delay of 282 days-Delay had not been satisfactorily explained by revenue-SLP dismissed on ground of delay.[S. 10(38), 45, 68, 69 Art, 136]<\/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-59242","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fpw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59242","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=59242"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59242\/revisions"}],"predecessor-version":[{"id":59243,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59242\/revisions\/59243"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}