DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(2), KOLKATA, KOLKATA vs. SHILPI MODI, KOLKATA

ITA 1670/KOL/2024Status: DisposedITAT Kolkata19 December 2024AY 2018-19Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey, Judicial Member] I.T.A. Nos.1670 & 1671/Kol/2024 Assessment Years: 2018-19 & 2019-20 DCIT, CC-3(2), Kolkata Vs. Shilpi Modi (PAN: AEXPM 7841 J) Appellant / ) अपीलाथȸ ( Respondent / Ĥ×यथȸ Date of Hearing / सुनवाई कȧ Ǔतͬथ 27.11.2024 Date of Pronouncement/ आदेश उɮघोषणा कȧ Ǔतͬथ 19.12.2024 For the assessee / Ǔनधा[ǐरती कȧ ओर से Shri S. M. Surana, Advocate Shri Sunil Surana, FCA For the revenue / राजèव कȧ ओर से Shri Subhendu Datta, 5 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that capital gains/loss comes into play when the asset is distributed by the liquidator. Since the conveyance deed for asset distribution was executed in FY 2017-18 (AY 2018-19), the short-term capital loss was allowable in that assessment year.

What were the facts?

A search operation on Manyaver Group led to a notice under Section 153A for AY 2018-19. The assessee claimed a short-term capital loss, which the AO disallowed, assessing income at a higher amount. The CIT(A) allowed the assessee's appeal.

What were the issues?

The key issue was whether the short-term capital loss was allowable in AY 2018-19 based on the date of asset distribution or the date of the High Court's liquidation order.

Which sections of the Income-tax Act were involved?

Section 153A,Section 143(2),Section 46,Section 45,Section 48

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH: KOLKATA

Before: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Per Pradip Kumar Choubey, JM:

These are the appeals preferred by the revenue against the separate orders of the Ld. Commissioner of Income Tax (Appeals)-21, Kolkata (hereinafter referred to as the “Ld. CIT(A)”] for the AY 2018-19 & 2019-20 respectively. Both the appeals are interlinked to each other hence taken up together for disposal. Assessment Years: 2018-19 & 2019-20 Shilpi Modi

2.

Brief facts of the case of the assessee are that a search and seizure operat

The order continues below.

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