SUNIL KHEMKA,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 15, NEW DELHI

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ITA 390/DEL/2018Status: DisposedITAT Delhi27 October 2020AY 2014-154 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that the assessee had filed an application under the Vivad se Vishwas Scheme and awaited Form 3. Consequently, the appeal was treated as withdrawn by the assessee.

What were the facts?

The assessee appealed against an order assessing declared Long Term Capital Gains (LTCG) on share sales as unaccounted income and denying exemption under Section 10(38). During the hearing, the assessee submitted an application under the Vivad se Vishwas Scheme, 2020, with Forms 1 and 2 filed.

What were the issues?

Whether the declared LTCG on share sales is taxable as unaccounted income and whether exemption under Section 10(38) should be allowed. The appeal was withdrawn due to the Vivad se Vishwas Scheme.

Which sections of the Income-tax Act were involved?

Section 10(38)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, [ DELHI BENCH “G” NEW DELHI ]

Before: SHRI AMIT SHUKLASHRI PRASHANT MAHARISHI

For Appellant: Shri Raj Kumar Gupta, C.A.;
For Respondent: Shri Ved Prakash, Sr. D.R.;
Hearing: 27/10/2020Pronounced: 27/10/2020

O R D E R PER AMIT SHUKLA, JM :

This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-XXVI, New Delhi, dated 28th December, 2017 for the assessment year 2014-15.

2. The assessee has raised the following grounds of appeal :-

“ 1. That under the facts and circumstances, both the lower authorities erred in law as well as on merits in assessing the declared LTCG of Rs.46,63,728/- on sale of shares as unaccounted income and further erred in not allowing the exemption u/s. 10(38) as claimed;

2.

That in the absence of confronting with the adverse material used against the assessee and in the absence of providing cross- examination of persons whose statements have been recorded on the back of the assessee, no cognize of such material an statements should had been taken. “

3.

During the course of hearing the learned Authorized Representative submitted that the assessee has filed an application for setting the dispute in Vivad se Viswas Scheme, 2020 and filed Form Nos. 1 and 2 on 24th October, 2020. Copies are submitted before us.

4.

The learned Departmental Representative stated that form No. 3 has not been issued in this case.

5.

In view of above facts and Vivad se Viswas Scheme, 2020 in this matter and Form Nos. 1 and 2 already filed and Form No. 3 is awaited, the appeal of the assessee may be treated as withdrawn, subject to the opportunity to both the parties.

6.

Accordingly the appeal of the assessee is treated as withdrawn and dismissed.

Order pronounced in the open court on 27/10/2020.

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