SRI DILIP KUMAR GUPTA,KOLKATA vs. I.T.O.,WARD-22(4), KOLKATA

This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)-6, Kolkata [‘CIT(A)’ for short] dated 12.07.2019 u/s 250 of the Income Tax Act, 1961 (‘the Act’ for short) for AY 2014-15.

After hearing rival contentions I am of the considered opinion that this issue should be restored to the file of the ld. CIT(A) for fresh adjudication in accordance with law. The ld. CIT(A) may examine the claim of the assessee, the amount that has to be taxed, is not the gross receipt on sale of shares but only the net receipt on sale of shares i.e. Sale consideration – Purchase consideration. The assessee is free to raise any other plea/contention during the course of this fresh hearing. 3. In the result, this appeal of the assessee is allowed for statistical purposes. Kolkata, the 22nd May, 2020.