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

ITA 1672/KOL/2024Status: DisposedITAT Kolkata19 December 2024AY 2018-19Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey, Judicial Member] I.T.A. Nos.1672 & 1673/Kol/2024 Assessment Years: 2018-19 & 2019-20 DCIT, CC-3(2), Kolkata Vs. Ravi Modi (PAN: ADTPM 5363 Q) Appellant / ) अपीलाथȸ ( Respondent / Ĥ×यथȸ Date of Hearing / सुनवाई कȧ Ǔतͬथ 27.11.2024 Date of Pronouncement/ आदेश उɮघोषणा कȧ Ǔतͬथ .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, CITD5 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that capital gains/loss arises when assets are distributed, not necessarily when liquidation orders are passed. Based on the conveyance deed executed on 15.09.2017, the short-term capital loss was allowable in AY 2018-19.

What were the facts?

A search operation on Manyaver Group led to a notice u/s 153A for AY 2018-19. The assessee declared income, but the AO disallowed a short-term capital loss, assessing total income higher. The CIT(A) allowed the assessee's appeal.

What were the issues?

The key issue was the timing of short-term capital loss recognition for tax purposes in the context of company liquidation and asset distribution.

Which sections of the Income-tax Act were involved?

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

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 hence taken up together for disposal. Assessment Years: 2018-19 & 2019-20 Ravi Modi

2.

It appears from the record that the appeal has been filed after the delay of 64 days. T

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 46

All 40 judgments and leading authorities on Section 46 →

Recent GST High Court judgments

Search GST case law →