SHRI JAVED,SAHARANPUR vs. ITO WARD-3(3)(5), SAHARANPUR

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ITA 221/DEL/2025Status: DisposedITAT Delhi19 May 2025AY 2015-16Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)3 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that there was no discussion or evidence in the lower authorities' orders to establish that the assessee had transferred any capital asset. Consequently, the Tribunal ruled that the addition of short-term capital gains of Rs. 2,25,00,000/- lacked corroborative evidence and directed its deletion.

What were the facts?

The assessee filed an appeal against the assessment of Rs. 2,25,00,000/- as short-term capital gains for AY 2015-16, framed under Section 144 of the Income-tax Act, 1961, and upheld by the CIT(A)/NFAC. The addition was based on information from field authorities that the assessee allegedly did not deny in lower proceedings.

What were the issues?

Whether the assessment of short-term capital gains can be sustained solely based on information from field authorities without corroborative evidence of an actual capital asset transfer by the assessee.

Which sections of the Income-tax Act were involved?

Section 144

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH: ‘A’ NEW DELHI

Before: SHRI SATBEER SINGH GODARA & SHRI S. RIFAUR RAHMAN

Hearing: 19.05.2025Pronounced: 19.05.2025
1.

This assessee’s appeal for assessment year 2015-16, arises against the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [in short, the “CIT(A)/NFAC”], Delhi’s DIN and order no. ITBA/NFAC/S/250/2024-25/1070411272(1), dated 18.11.2024 involving proceedings under section 144 of the Income- tax Act, 1961 (hereinafter referred to as ‘the Act’).

2.

Heard both the parties. Case file perused.

3.

It emerges during the course of hearing at the outset that the sole substantive issue between the parties herein is that of correctness of both the learned lower authorities’ action assessing short-term capital gains of Rs. 2,25,00,000/- in the assessee’s hands, in assessment framed on 24th February, 2023 and upheld in the lower appellate discussion. This is what leaves the assessee aggrieved.

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