NABA KUMAR TAH,HOOGHLY vs. ACIT, CIRCLE-2, BURDWAN, BURDWAN

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ITA 272/KOL/2019Status: DisposedITAT Kolkata06 July 2020AY 2015-162 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 assessee sought to withdraw the appeal to settle the dispute under the 'Vivad Se Vishwas' Scheme. The Tribunal granted permission for withdrawal as the revenue had no objection.

What were the facts?

The assessee's appeal was against an order confirming an addition of Rs. 26,38,000/- made by the AO under Section 68. The addition was based on the AO treating long-term capital gains from share sales as bogus and unexplained cash credit.

What were the issues?

Whether the long-term capital gains from share sales were bogus and constituted unexplained cash credit. The primary issue became the assessee's request to withdraw the appeal.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH ‘(SMC

Before: Shri P.M. Jagtap(KZ)]

order : July 06, 2020 ORDER This appeal filed by the assessee is directed against the order of Ld. CIT(A) – Burdwan dated 07.12.2018 whereby he confirmed the addition of Rs. 26,38,000/- made by the AO u/s 68 of the Income Tax Act, 1961 by holding the Long Term Capital Gain arising to the assessee from sale of shares as bogus and treating the proceeds of the said sale as unexplained cash credit.

2.

The assessee in this case has made an application dated 29.06.2020 seeking permission of the Tribunal to withdraw this appeal on the ground that he is going to settle the dispute involved in this appeal under the ‘Vivad Se Vishwas’ Scheme 2020. Since the ld. DR has no objection in this regard, the permission as sought by the Assessment Year: 2015-16 Naba Kumar Tah assessee is granted and this appeal of the assessee is dismissed as withdrawn.

3.

In the result, the appeal of the assessee is dismissed. Order Pronounced in the Open Court on 6th July, 2020.

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