OM PARKASH AND SONS HUF vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1

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ITA/3/2021HC Punjab & HaryanaPHHC01133382201916 February 2021Bench: MR JUSTICE JASWANT SINGH,MR. JUSTICE GIRISH AGNIHOTRI2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court of Punjab and Haryana, at Chandigarh, dismissed the appeal as withdrawn. The dismissal was granted with the liberty for the assessee to avail the benefit of the ‘VIVAD SE VISHWAS 2020’ scheme. The court did not decide on the merits of the case, as the appeal was withdrawn by the assessee. The specific findings of the ITAT regarding the sale of shares being undisclosed income, and the consequent tax demand, interest, and penalty, were therefore not adjudicated upon by the High Court in this proceeding.

What were the facts?

The assessee, Om Parkash and Sons HUF, filed an appeal before the High Court of Punjab and Haryana against an order dated 02.07.2019 passed by the Income Tax Appellate Tribunal (ITAT), New Delhi. The ITAT had upheld the orders of the Assessing Authority and the CIT (Appeal). The dispute concerned the sale of shares amounting to Rs. 15,61,745/- for the block period 01.04.1990 to 03.08.2000, which was treated as undisclosed income, leading to a tax demand along with interest and penalty. The High Court also condoned a delay of 90 days in refiling the appeal.

What were the issues?

1. Whether the sale of shares amounting to Rs. 15,61,745/- for the block period 01.04.1990 to 03.08.2000 constitutes undisclosed income, thereby attracting tax demand, interest, and penalty, as held by the ITAT, Assessing Authority, and CIT (Appeal)? Assessee's Contention: The counsel for the appellant (assessee) prayed for permission to withdraw the present appeal to enable his client to avail the benefit of the scheme known as ‘VIVAD SE VISHWAS 2020’ in accordance with law. Revenue's Contention: The judgment does not record any specific contentions from the revenue.

Which sections of the Income-tax Act were involved?

Section 260A

AI-generated summary — verify with the full judgment below

ITA No.3 of 2021

115

IN THE HIGH COURT OF PUNJAB AND HARYANA

AT CHANDIGARH

ITA No.3 of 2021 (O&M)

Date of Decision: 16.02.2021

Om Parkash and sons HUF

…Petitioner

Versus Assistant Commissioner of Income Tax Circle

...Respondents

CORAM: HON'BLE MR. JUSTICEJASWANT SINGH HON'BLE MR. JUSTICEGIRISH AGNIHOTRI

Present: Mr. Sunil Kumar Mukhi, Advocate

for the appellant.

****

JASWANT SINGH, J.(ORAL)

CM-1528-CII-2021

For the reasons mentioned in the application, delay of 90 days in refilling the appeal is condoned. Application is allowed subject to all just exceptions. Main Case

The present appeal has been filed under Section 260A of the Income Tax Act, 1961 against the order dated 02.07.2019 passed by the Income Tax Appellate Tribunal Bench at New Delhi, whereby, the orders passed by the Assessing Authority and the CIT (Appeal) has been upheld and the sale of shares amounting to Rs.15,61,745/- for the block period 01.04.1990 to 03.08.2000 has been held to be undisclosed income and raised tax demand along with interest and penalty.

MANPREET SINGH 2021.02.17 15:36 I attest to the accuracy and integrity of this document

ITA No.3 of 2021

At the outset, counsel for the applicant prays for permission to withdraw the present appeal to enable his client to avail the benefit of the scheme known as ‘VIVAD SE VISHWAS 2020’ in accordance with law.

Dismissed as withdrawn with the aforesaid liberty.

(JASWANT SINGH)

JUDGE

(GIRISH AGNIHOTRI)

JUDGE

February 16, 2021 Manpreet

Whether speaking/reasoned : Yes/No

Whether reportable

: Yes/No

MANPREET SINGH 2021.02.17 15:36 I attest to the accuracy and integrity of this document

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