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Facts
The Assessing Officer (AO) made an addition of Rs. 18,78,475/- by denying the exemption of long-term capital gain (LTCG) claimed by the appellant under Section 10(38) of the Income Tax Act, for sold shares of SRK Industries Ltd. The CIT(A) confirmed the addition, stating manipulations by a syndicate of brokers to inflate share prices.
Held
The appellant's Authorized Representative (AR) stated that the appellant availed the Vivad Se Vishwas Scheme (VSVS) and requested to withdraw the appeal. The Departmental Representative (DR) had no objection.
Key Issues
Whether the appeal can be dismissed as withdrawn due to the appellant availing the VSVS scheme.
Sections Cited
10(38)
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, Mumbai “A” Bench, Mumbai.
Before: Smt. Beena Pillai (JM) & Shri Omkareshwar Chidara (AM)
In the above captioned appeal, the Ld. AO made an addition of Rs. 18,78,475/- by denying the exemption of long term capital gain (LTCG) claimed by the appellant under section 10(38) of the I.T. Act. The appellant claimed that he sold shares of SRK Industries Ltd. and earned LTCG as mentioned above. The Ld. AO denied the exemption u/s. 10(38) of the Act for the reasons mentioned in the assessment order.
Aggrieved by the addition made by the Ld. AO, an appeal was filed before Ld. CIT(A), who is the first appeal authority and the Ld. CIT(A) has confirmed the addition made by the Ld. AO stating that certain manipulations were done in this share by a syndicate of brokers to jack up the price of share.
Aggrieved by the order of Ld. CIT(A), the appellant filed an appeal before the ITAT on 7.1.2025. Ld. AR of the appellant filed a letter dated 7.1.2025 stating that the appellant filed Form No.1 and availing Direct Taxes
2 Vivad Se Vishwas Scheme (VSVS) and on 29.1.2025, the Ld. AR of the appellant has stated that the appellant availed the VSVS and may be allowed to withdraw the appeal. The Ld. DR did not object to the same.
The case is heard and the appeal of the appellant is dismissed as withdrawn.
The appeal is dismissed.
Order pronounced in the open Court on 25/02/2025.