SHIV SHANKAR AGARWAL HUF,KOLKATA vs. I.T.O.,WARD-36(2), KOLKATA

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ITA 1971/KOL/2019Status: DisposedITAT Kolkata16 June 2020AY 2015-162 pages
AI SummaryDismissed

What did the Tribunal hold?

The assessee sought permission to withdraw the appeal as they intended to settle the issue under the 'Vivad se Vishwas Scheme'. The Tribunal granted this permission.

What were the facts?

The assessee claimed exemption under Section 10(38) for long-term capital gains from the sale of shares. The Assessing Officer (AO) and the Commissioner (Appeals) disallowed this claim.

What were the issues?

Whether the claim for exemption under Section 10(38) for long-term capital gains on sale of shares is valid. The appeal was withdrawn by the assessee before adjudication on merits.

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, KOLKATA BENCH ‘(SMC

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

order : June 16 , 2020 ORDER This appeal filed by the assessee is directed against the order of Ld. CIT(A) – 10, Kolkata dated 25.07.2019 and the solitary issue involved therein relates to the addition of Rs. 15,72,907/- made by the AO and confirmed by the Ld. CIT(A) by disallowing the claim of the assessee for exemption u/s 10(38) of the Income Tax Act, 1961 by treating the long term capital gain claimed to be arising from the sale of shares of M/s. Kailash Auto Finance Limited.

2.

At the time of hearing fixed in this case today, the learned counsel for the assessee has sought permission of the bench to withdraw this appeal on the ground that the assessee is in the process of settling the issue involved in this appeal under ‘Vivad se Vishwas Scheme’. Since the ld. DR has not raised any objection in this regard,

1.

Assessment Year: 2015-16 Shiv Shankar Agarwal HUF the permission as sought by the assessee is granted and this appeal of the assessee is dismissed as withdrawn.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 16th June, 2020.

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