ASHOKBHAI SHANKERLAL SHAH,AHMEDABAD vs. THE INCOME TAX ODDICER, WARD-1(2)(1), AHMEDABAD

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ITA 1262/AHD/2024Status: DisposedITAT Ahmedabad22 November 2024AY 2014-15Bench: DR.BRR KUMAR, VICE PRESIDENT MS SUCHITRA KAMBLE (Judicial Member)3 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the issue was squarely covered by a previous order of the Tribunal in a similar case. In the absence of any change in facts or legal position, the appeal was allowed.

What were the facts?

The assessee appealed against an addition of Rs. 27,61,030/- on account of capital gains and commission, and also challenged the ex-parte assessment order. The assessee contended that they were not provided sufficient opportunity to present their case.

What were the issues?

Whether the addition on account of capital gains and commission was justified, and whether the assessment order was passed in violation of principles of natural justice due to lack of opportunity.

Which sections of the Income-tax Act were involved?

Section 69C,Section 147,Section 144B,Section 271(1)(c),Section 234A,Section 234B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD

Before: DR.BRR KUMARMS SUCHITRA KAMBLE

For Appellant: Shri S N Divatia, A.R
For Respondent: Shri C Dharani Nath, Sr. DR
Pronounced: 22.11.2024

(Assessment Year: 2014-15) Ashokbhai Shankerlal Shah, Vs. Income Tax Officer, I, 7th Floor Sumeru Centre, Ward 1(2)(1), Near Parimal Crossing, Ahmedabad C GRoad, Ahmedabad-380007 [PAN No.ADZPS9515J] (Appellant) .. (Respondent) Appellant by : Shri S N Divatia, A.R. Respondent by: Shri C Dharani Nath, Sr. DR 20.11.2024 Date of Hearing Date of Pronouncement 22.11.2024 O R D E R PER: DR. BRR KUMAR, VICE PRESIDENT: This appeal has been filed by the Assessee against the order passed by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, vide order dated 20.05.2024 passed for the Assessment Year 2014-15.

2.

The Assessee has taken the following grounds of appeal:-

[1] The Ld. CIT (A) has grievously erred in upholding the addition made by the Ld. A.O. of Rs. 27,61,030/- being the capital gain of Rs. 27,61,030/- incurred in the script M/s Looks Health Services Limited and 6% commission u/s 69C is Rs. 1,65,662/- is incorrect. The appellant has not been provided enough opportunity as a time of 2 days was given and the date provided by the Ld. A.O. is the national holiday or even the adjournment not taken up and so the order passed u/s 147 r.w.s 144B is incorrect.

[2] The Ld. A.O puts the observation of the counter parties transactions but in the list no name of the appellant provided and so the assessment finalized with borrowed satisfaction and even not applying his mind and found any documentary evidence. [3] The Ld. A.O. has made an addition on account of the unexplained investment as the share are sold through d-mat account and all necessary details are provided and so there is no question of unexplained. [4] That having regard to the facts and circumstances of the case, the Ld. Assessing Officer has erred both on facts and in law in deciding the assessment ex parte in violation of the principles of natural justice and without granting to the appellant a fair, proper and meaningful opportunity and the findings of the Ld. Assessing Officer that the appellant is not serious and sincere to pursue the case is wholly incorrect. [5] That the Ld. Assessing Officer has misdirected himself in law in initiating penalty under section 271(1)(c) on amount Rs. 29,26,692/- and his order is thus prima facie devoid of merits and contrary to law and needs to be quashed and prayed for accordingly and the interest u/s 234A and 234B is not legal. [6] The appellant therefore requests your good self to kindly delete the above- mentioned additions of Rs 29,26,692/- made by the Ld. A. O. looking to the merits of the case. [7] The appellant craves leave to add, amend, alter, edit, delete, modify or change all or any of the grounds of appeal at the time of or before the hearing of the appeal.

3.

At the outset, both the parties fairly submitted that the issue taken up by the assessee in the appeal before us has been squarely covered by the order of the Tribunal in dated 08.12.2023.

4.

We have gone through it and find that the submission of both the parties are tenable. For the sake of ready reference please press here. (hyperlink provided)

5.

In the absence of any change in factual matrix and legal proposition brought to our notice, the appeal of the assessee is hereby allowed.

6.

In the result, the appeal of the assessee is allowed. This Order pronounced in Open Court on 22.11.2024

Sd/- Sd/- (SUCHITRA KAMBLE) (DR. BRR KUMAR) JUDICIAL MEMBER VICE PRESIDENT (True Copy) Ahmedabad; Dated 22 .11.2024 Manish, Sr. PS TRUE COPY आदेश क� �ितिलिप अ�ेिषत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. संबंिधत आयकर आयु� / Concerned CIT 4. आयकर आयु�(अपील) / The CIT(A)- 5. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड� फाईल / Guard file. आदेशानुसार/ BY ORDER,

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