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Facts
The assessee filed an ITR declaring income of Rs.76,96,410/-. The case was reopened under Section 148, and the assessment was completed at Rs.89,24,178/-, including LTCG of Rs.12,27,768/- from sale of shares, which the AO deemed not genuine.
Held
The Tribunal noted that the assessee opted for settlement under the Vivad se Vishwas Scheme, 2024. One appeal was dismissed as withdrawn due to this settlement, and the other was dismissed as infructuous because it was a duplicate.
Key Issues
Whether the appeals can be dismissed as withdrawn/infructuous due to the assessee opting for the Vivad se Vishwas Scheme, and if one appeal is a duplicate of the other.
Sections Cited
148, 10(38)
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI BENCH ‘C’: NEW DELHI
Before: SHRI ANUBHAV SHARMA & SHRI AVDHESH KUMAR MISHRA
ORDER PER AVDHESH KUMAR MISHRA, AM These appeals preferred by the assessee are against the order dated 28.08.2024 of the Commissioner of Income Tax (Appeals), NFAC, New Delhi [hereinafter ‘CIT(A)’].
The relevant facts, in brief, are that the assessee filed his Income Tax Return (hereinafter, the ‘ITR’) on 25.09.2013 declaring income of Rs.76,96,410/-. Later, the case was reopened under section 148 of the Income Tax Act, 1961 (hereinafter, the ‘Act’). Consequential assessment was completed at income of Rs.89,24,178/-. Besides, the taxable income, the assessee has shown the Long Term Capital Gains (hereinafter, the ‘LTCG’)
of Rs.12,27,768/- from sale of shares exempted income under section 10(38) of the Act. The Assessing Officer (hereinafter, the ‘AO’), noticing the steep rise in the value of shares within span of one year and odd, started investigation about the genuineness of the LTCG. The AO holding that the said LTCG was not genuine as these were from penny stock. Accordingly, he taxed the LTCG of Rs.12,27,768/-. Aggrieved, the assessee filed appeal before the CIT(A), but did not succeed.
During hearing, the Ld. AR submitted that the assessee had opted for settlement of the dispute under the Vivad se Vishwas Scheme, 2024. He further drew our attention to the fact that the assessee had filed his appeal both through e-filing mode and physical mode and got two different Appeal Number; ITA No. No.5013/Del/2024 and ITA No.5152/Del/2024. The Ld. AR requested for withdrawals of both appeals by submitting that the assessee had opted settlement of the dispute under the Vivad se Vishwas Scheme, 2024. The Ld. AR prayed for liberty to revive the appeal in case the application of the assessee fails to mature for any reason under Vivad se Vishwas Scheme, 2024. To which, the Ld. Sr. DR did not raise any objection.
Heard both parties. In view of the above, the Vivad se Vishwas Scheme. Liberty is granted to the assessee to revive the appeal in case his application under Vivad se Vishwas Scheme, 2024 fails to mature.
As far as the second appeal; Ld. AR that the present appeal is a duplicate appeal for the same dispute of the relevant year. In view of the above, this appeal being infructuous, is dismissed.