Snehlatha Agarwal, Bangalore Vs Income Tax Officer, Ward- 3(2)(1), Bangalore

Last updated: 26 November 2020
Quick Summary
This Income Tax Appellate Tribunal (ITAT) Bangalore ruling addresses appeals concerning the assessment year 2015-2016. The core issue is whether the Commissioner of Income Tax (Appeals) correctly upheld the Assessing Officer's decision to treat the consideration received from share sales as a bogus transaction. Consequently, additions were made under Section 68 of the Income Tax Act, rejecting claims for deduction under Section 10(38).

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 1584/BANG/2019

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