Section 10(38), 45, 68, 115BBE of Income Tax Act, 1961—Unexplained cash credit—In the instant case, appeal is preferred by assessee against the order passed by CIT confirming the orders of Assessing Officer wherein additions were made against sale of shares of M/s Kappac Pharma Limited treated as unexplained cash credit u/s 68 of the Act read with section 115BBE of the Act. This was claimed as exempt by assessee u/s 10(38) of the Income Tax Act, 1961.

Held that— In view of judgments/orders passed by the Hon’ble High Courts as well as the Tribunal, I have no hesitation to hold that neither AO nor CIT-A has been able to controvert assessee’s copious evidences filed in present case which clearly supports the case of assessee qua LTCG claimed as exempt u/s 10(38) of the Act on sale of shares of M/s Kappac Pharma Limited and so issue framed by me above needs to be answered in favor of appellant /assessee. So addition made on a/c of LTCG /s 68 read with section 115BEE is deleted. So grounds relating to addition u/s 68 are allowed.[ARUN KUMAR, MANOJ KUMAR AND NITASHA GUPTA VERSUS ACIT, CIRCLE-1, NOIDA, ITO, WARD 2 (4) , GURGAON AND ITO, WARD 3 (1) , GURGAON] [2018] [7] [ITCD Online] [9] [ITAT DELHI]