\u00a0<\/p>\n
Assessee earned long-term capital gains on sale of shares of Mishka Finance & Trading Ltd and claimed exemption under section 10(38) . Assessing Officer treated the sale proceeds as unexplained cash credit under section 68 and further made an addition under section 69C towards alleged commission. Tribunal deleted additions following its order for assessment year 2014-15, noting that though transaction was doubted on basis of Investigating Wing report, (i) SEBI had undertaken detailed inquiry and did not find any violation, (ii) assessee had furnished complete evidence including contract notes, demat details, bonus share details, and (iii) entire transaction was routed through BSE with payment of STT and there was no allegation against assessee\u2019s broker. High Court held that, on these facts, the Tribunal was justified in deleting additions and holding the transactions genuine. SLP of the revenue was dismissed on account of delay of 154 days.\u00a0 (AY.\u00a0 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68: Cash credits-Long-term capital gains-Sale of shares-Mishka Finance & Trading Ltd-Penny stock-Commission-SEBI inquiry finding no violations and assessee furnishing complete supporting evidence-Transactions were held genuine-Tribunal deleted additions-High Court affirmed the order of the Tribunal-SLP of the revenue was dismissed on account of delay of 154 days. [S. 10(38), 45, 69C, 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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64356","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gK0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64356","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=64356"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64356\/revisions"}],"predecessor-version":[{"id":64357,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64356\/revisions\/64357"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}