Manish Garg HUF, New Delhi ITO, Ward- 40(1), New Delhi

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Last updated: 24 December 2020
Quick Summary
The Income Tax Appellate Tribunal dismissed the appeal filed by Manish Garg HUF concerning the assessment year 2015-16. The assessee had claimed an exemption of Rs 2,22,87,246 on the sale of shares of M/s KAPPAC Pharma Ltd. under Section 10(38) of the Income Tax Act. However, this claim was added back under Section 68, and the benefit of Section 10(38) was denied. The tribunal noted that the assessee did not appear for the hearing and that the case was covered by a Delhi High Court judgment declaring M/s Kappac Pharma as a bogus company providing accommodation entries.

Court :
ITAT New Delhi

Brief :
This appeal is filed by the assessee against the order of the ld. CIT (Appeals) for Assessment Year 2015-16, dated 7.02.2019 wherein claim under Section 10(38) of the Income Tax Act, 1961 (the Act) of Rs.2,22,87,246/- on account of sale of shares of M/s KAPPAC Pharma Ltd. was added under Section 68 of the Act and benefit under Section 10(38) of the Act is denied.

Citation :
ITA. No. 1907/Del/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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