GRAVITY MERCHANDISE PVT. LTD.,KOLKATA vs. ACIT, CENTRAL CIRCLE 4(2), KOLKATA

ITA 114/KOL/2025Status: DisposedITAT Kolkata02 July 2025AY 2016-17Bench: SHRI GEORGE MATHAN (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee failed to produce sufficient evidence regarding the purchase price and consideration of the shares of M/s Alom Extrusion Ltd., a sister concern. Despite opportunities, the assessee could not substantiate the claim of loss.

What were the facts?

The assessee claimed a loss on the sale of shares of a group concern, M/s Alom Extrusion Ltd., which was formerly known as Om Development Limited. The Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) disallowed this claim.

What were the issues?

Whether the assessee has provided adequate evidence to support the claim of loss on sale of shares, particularly when the shares were of a sister concern and purchase details were not furnished.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 143(3),Section 227(2),Section 227(3),Section 209

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Income Tax Appellate Tribunal, “SMC” BENCH KOLKATA

Before: SHRI GEORGE MATHAN

Hearing: 02/07/2025Pronounced: 02/07/2025

This is an appeal filed by the assessee against the order of the ld CIT(A), Kolkata-27, dated 18.11.2024, passed for the assessment year 2016-2017. 2. Shri A.K.Tibrewal, ld. AR appeared on behalf of the assessee and Shri S.B.Chakraborthy, ld.Sr. DR appeared on behalf of the revenue.

3.

It was submitted by the ld.AR that the assessee when filing his return of income had claimed a loss of Rs.34,93,533/- on the sale of shares of a group concern company namely M/s Alom Extrusion Ltd. It was t

The order continues below.

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