No Bogus LTCG as assessee is a habitual investor having portfolio of investment in shares in crores and is still holding investment in shares in several crores

0
1159

No Bogus LTCG as assessee is a habitual investor having portfolio of investment in shares in crores and is still holding investment in shares in several crores

Bogus LTCG – addition u/s 68 – the assessee is a habitual investor having portfolio of investment in shares in crores and is still holding investment in shares in several crores and is constantly engaged in investing in shares of various companies – assessee has successfully discharged the onus cast upon him by provisions of section 68 – Additions deleted.
Bogus LTCG – addition u/s 68 – alleged suspicious sale transactions in shares of LDPL, which generated exempted long term capital gains to the assessee – HELD THAT:- Either the assessee entered into solitary transaction resulting into long term capital gain or prior to the solitary transaction, the assessee was neither engaged in the purchase and sale of shares nor subsequent to earning of long term capital gain, the assessee was found to be engaged in the purchase and sale of shares. These facts are clearly distinguishable from the facts of the case in hand. As mentioned elsewhere, the assessee is a habitual investor having portfolio of investment in shares in crores and is still holding investment in shares in several crores and is constantly engaged in investing in shares of various companies.
Considering the vortex of evidences, we are of the considered view that the assessee has successfully discharged the onus cast upon him by provisions of section 68 of the Act and as mentioned elsewhere, such discharge is purely a question of fact. We, accordingly, direct the Assessing Officer to accept the long term capital gain declared as such. – Decided in favour of assessee.
 ITAT DELHI
SHRI ANOOP JAIN VERSUS THE A.C.I.T CENTRAL CIRCLE -53 (1) NEW DELHI

LEAVE A REPLY

Please enter your comment!
Please enter your name here