M/S OMKAR BHUTRA,BANGALORE vs. THE INCOME TAX OFFICER WARD-7(2)(1), BANGALORE

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ITA 3182/BANG/2018Status: DisposedITAT Bangalore09 June 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The Tribunal dismissed the appeals as withdrawn, noting that the assessee had opted for the Vivad se Vishwas scheme. The assessee was granted liberty to seek recall of the order if needed.

What were the facts?

The assessee challenged the assessment of long-term capital gains on share sales as income under Section 68. The assessee opted for the Vivad se Vishwas scheme and filed the necessary forms.

What were the issues?

Whether the pending appeals should be dismissed as withdrawn due to the assessee opting for the Vivad se Vishwas scheme.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCH ‘C’

Before: SHRI N.V.VASUDEVAN & SHRI B.R.BASKARAN

For Respondent: Smt. R.Premi,JCIT

O R D E R

PER B.R.BASKARAN, AM:

1.

The assessee has filed these appeals challenging the orders passed by Ld CIT(A)-10, Bengaluru and they relate to the assessment years 2014-15 and 2015-16. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the assessment of long term capital gains arising on sale of shares as income of the assessee u/s 68 of the Act in both the above said years.

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