GANESH PRASAD KHETAN,RAIPUR (CG) vs. ADDL.CIT, RANGE-II, RAIPUR(CG)

ITA 153/BIL/2014Status: DisposedITAT Raipur18 September 2018AY 2006-076 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the issue of long-term capital gains being treated as income from undisclosed sources was squarely covered in favor of the assessee by its previous decision in the 'Saraogi Group' cases. The Tribunal found no distinguishing facts presented by the revenue.

What were the facts?

The assessee disclosed long-term capital gains, which the Assessing Officer treated as income from undisclosed sources under Section 68. The CIT(A) confirmed this addition. The assessee appealed this decision, arguing that the issue was already decided in his favor by the Tribunal in similar cases.

What were the issues?

Whether long-term capital gains disclosed by the assessee can be treated as income from undisclosed sources under Section 68, especially when similar issues have been decided in favor of the assessee by the Tribunal.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Before: SHRI R. K. PANDA & MS SUCHITRA KAMBLE

For Appellant: Shri R.B. Doshi, CA
For Respondent: Shri Sanjay Kumar, DR
Hearing: 09.08.2018Pronounced: 18.09.2018

PER SUCHITRA KAMBLE, JM

These two appeals are filed by the assessee against the order dated 27/11/2013 passed by CIT(A), Raipur (CG) for the A.Ys 2005-06 & 2006-07. 2. The grounds of appeal are as under:

I.T.A .No. 37/RPR/2014 (A.Y 2005-06) :

“1In the facts and circumstances of the case, Ld. CIT(A) erred in confirming the addition of Rs. 25,87,213 made by the A.O treating the long term capital gain disclosed by the assessee as income from undisclosed sources. The order of the Ld. CIT(A) confirming the addition is contrary to the evidences filed and is not justifies.”.

I.T.A. No. 153/RPR/2014 (A.Y. 2006-07)

The order continues below.

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