SHRI VIKAS JAIN,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7, JAIPUR

In this appeal, the assessee is basically aggrieved for the ex parte order passed by the ld. CIT(A). The assessee filed an affidavit to explain that proper opportunity was not given by the ld. CIT(A) to the assessee.

2 ITA 1048/JP/2018 Vikas Jain Vs DCIT 3. I have considered the rival contentions and carefully gone through the orders of the authorities below and found that the assessee’s claim of exemption U/s 10(38) of the Act in respect of long term capital gain was declined by the A.O. By the impugned order, the ld. CIT(A) dismissed the assessee’s appeal without going on merit after observing that the assessee has failed to offer any explanation for submission in support of the grounds raised in this appeal.

The ld AR Shri Rajnikant Bhatra invited our attention to the copy of purchase bill of share purchased from M/s Kappac Pharma Ltd., copy of account statement of assessee in the books of broker M/s Natraj Capital & Credit Pvt. Ltd., copy of share transfer form and share certificates, copy of bank statement highlighting the amount paid for purchase of shares, copy of sale bill (contract note of sale of shares of M/s Kappac Pharma Ltd.), copy of account statement of assessee in the books of broker M/s Master Capital services Ltd., copy of bank statement highlighting the consideration received on sale of shares and copy of D-mat account/share holding statement. In view of all these documentary evidences, it was argued by the ld AR that the assessee’s claim for long term capital gain were wrongly denied by the A.O.

In the result, appeal of the assessee is allowed for statistical purposes only.