RESHMA PARAKH,KOLKATA vs. I.T.O.,WARD-29(1), KOLKATA

PDF · subscribers
ITA 1115/KOL/2019Status: DisposedITAT Kolkata16 August 2022AY 2014-152 pages
AI SummaryWithdrawn

What did the Tribunal hold?

The assessee filed an application stating that the dispute has been settled with the Department under the Vivad Se Viswas Scheme. Therefore, the assessee requested the appeal be dismissed as withdrawn.

What were the facts?

The assessee appealed against an addition of Rs. 70,33,616/- made by the Assessing Officer on account of alleged bogus long-term capital gains from share sales. The CIT(Appeals) had confirmed this addition.

What were the issues?

Whether the long-term capital gains on sale of shares were bogus and constituted accommodation entries. The appeal was ultimately dismissed due to settlement under Vivad Se Viswas.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH, KOLKATA

Before: Shri Rajpal Yadav, Vice-(KZ) & Shri Girish Agrawal

Per Rajpal Yadav, Vice-President (KZ):- The assessee is in appeal before the Tribunal against the order of ld. Commissioner of Income Tax (Appeals)-8, Kolkata dated 29.03.2019 passed for the assessment year 2014-15.

2.

The grievance of the assessee is that the ld. CIT(Appeals) has erred in confirming the addition of Rs.70,33,616/-, which was added by the ld. Assessing Officer with the aid of Section 68 by holding that long-term capital gain on sale of shares of Kailash Auto Finance Limited and Unno Industries Limited were bogus and for the result of accommodation entries. The appeal was listed for hearing on 02.08.2022. However, on the Assessment Year : 2014-2015 Reshma Parakh date of hearing, no one has come present on behalf of the assessee. The hearing was concluded with the assistance of ld. D.R.

3.

The order was reserved after completion of hearing and it was not dictated and pronounced. The assessee has filed an application that she has settled the dispute with the Department under Vivad Se Viswas Scheme and, therefore, her appeal be dismissed as withdrawn. Copy of Form No. 3 etc. has been placed on record. Considering the request of the assessee, the present appeal is dismissed as withdrawn.

4.

In the result, the appeal filed by the assessee is dismissed as withdrawn. Order pronounced in the open Court on August 16, 2022.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →