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

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ITA 1910/KOL/2019Status: DisposedITAT Kolkata22 May 2020AY 2014-152 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the issue to the file of the CIT(A) for fresh adjudication. The CIT(A) was directed to examine whether only the net receipt (sale consideration minus purchase consideration) on sale of shares should be taxed.

What were the facts?

The assessee filed an appeal against the order of the CIT(A) for AY 2014-15. The core issue revolved around the taxation of sale of shares.

What were the issues?

The primary issue was whether the taxable amount on sale of shares should be the gross receipt or the net receipt.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH, KOLKATA

Before: Shri J. Sudhakar Reddy]

order

: May 22nd, 2020 ORDER

Per J. Sudhakar Reddy, AM:

1.

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.

2.

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.

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