Anil Kumar Agarwal (HUF), Bangalore Vs Income Tax Officer, Ward- 3(2)(1), Bangalore


Quick Summary
This Income Tax Appellate Tribunal case involves appeals concerning the assessment year 2015-2016. The core issue was whether the Commissioner of Income Tax (Appeals) correctly upheld the Assessing Officer's decision to treat the consideration received from the sale of shares as a bogus transaction. The Assessing Officer rejected the claim for deduction under Section 10(38) of the Income Tax Act and made an addition under Section 68, deeming the sale proceeds as unexplained credit.

Court :
ITAT Bangalore

Brief :
These appeals at the instance of various assessee’s are directed against three orders of the CIT(A), all dated 15.05.2019. The relevant assessment year is 2015-2016.Common issue is raised in these appeals, hence they were heard together and are being disposed of by this consolidated order.

Citation :
ITA No.1584/Bang/2019

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