SANGITA KSHETRY,NOIDA vs. ACIT,CIRCLE INT.TAX. 2(1)(2), NEW DELHI

ITA 1876/DEL/2023Status: DisposedITAT Delhi19 May 2025AY 2016-17Bench: SH. C.N. PRASAD, JUDICIAL MEMBER AND SH. NAVEEN CHANDRA (Accountant Member)22 pages
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What did the Tribunal hold?

The Tribunal held that the AO wrongly adopted the total capitalized value of the company as the sale consideration and erred in treating the sale of shares as a sale of assets. It also noted that Section 50CA could not be invoked for the period prior to April 1, 2018. The Tribunal directed the AO to delete the additions made as Short Term Capital Gain.

What were the facts?

The assessee sold shares of UEM India Pvt. Ltd. to Toshiba Corporation. The Assessing Officer (AO) treated the transaction as a sale of underlying assets rather than shares, re-characterizing the capital gains. The AO also referred the matter to the Valuation Officer (DVO).

What were the issues?

Whether the AO was justified in re-characterizing the sale of shares as a sale of underlying assets and whether Section 50CA was applicable for the assessment year in question.

Which sections of the Income-tax Act were involved?

Section 48,Section 50CA,Section 142A,Section 148,Section 151,Section 271(1)(c)

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Sangita Kshetry &Oths Vs ACIT Circle – Int. Tax. 2 (1)(2) New Delhi

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘D’, NEW DELHI

BEFORE SH. C.N. PRASAD, JUDICIAL MEMBER AND SH. NAVEEN CHANDRA, ACCOUNTANT MEMBER Assessment Year: 2016-17 C/o Dhruv Seth, Advocate Circle – Int. Tax. 2 (1)(2) Amicus Advocates and New Delhi Solicitors 620, Tower B Advant Navis Business Park, Plot # 7 Noida- Greater Noida, Expressway, Sector- 142, Noida PAN No.AEYPK5792D

(APPELLANT) (RESPONDENT) Assessment Year: 2016-17 C/o Dhruv Seth, Advocate Circle Int. Tax 2 (1)(2) Amicus Advocates and New Delhi Solicitors 620, Tower B Advant Navis Business Park, Plot # 7 Noida- Greater Noida, Expressway, Sector- 142, Noida PAN No.DWOPK7954N (RESPONDENT) (APPELLANT) Sangita Kshetry &Oths Vs ACIT Circle – Int. Tax. 2 (1)(2) New Delhi Assessment Year: 2016-17 C/o Dhruv Seth, Advocate Circle Int. Tax 2 (1)(2) Amicus Advocates and New Delhi Solicitors 620, Tower B Advant Navis Business Park, Plot # 7 Noida- Greater Noida, Expressway, Sector- 142, Noida PAN N

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