ANJU KESARWANI,DELHI V. DCIT CENTRAL CIRCLE -9, DELHI

ITA 7146/DEL/2025

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The case involves Anju Kesarwani, the appellant, who contested the addition of Rs. 27,20,000 under section 68 of the Income Tax Act, 1961, during reassessment for the Assessment Year 2014-15. The appellant had sold shares of PMC Fincorp Ltd., declaring a Short Term Capital Gain (STCG) which was initially accepted in the processed return under section 143(1). However, the reassessment added the same income again under section 68, alleging it as a bogus entry. The Tribunal found that the income was already declared and accepted, and thus, the addition under section 68 resulted in duplication of income.

• Counselvise Citation: [2026] 140 COUNSELVISE.COM (IT) 839306 (ITAT-DELHI)
• Duration Of Justice: 3 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-02-2026
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 07-11-2025
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANOJ KUMAR; THROUGH VC
• Assessee Lawyers: PRATAP GUPTA; CHARTERED ACCOUNTANT
• Keywords: Reassessment proceedings; Reopening of assessment; Earning of tax free income; Bogus
• Section: 68

Judgement Text

"आयकर अपीलीय अधिकरण धिल्ली पीठ “एस एम सी”, धिल्ली श्री धिकास अिस्थी, न्याधयक सिस्य IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “SMC”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER आअसं.7146/धिल्ली/2025 (नि.व. 2014-15) ITA No.7146/DEL/2025 (A.Y.2014-15) Anju Kesarwani, 24B, Alipur Road, Civil Lines, New Delhi 110054 PAN: ACHPB-0661-R ...... अपीलार्थी/Appellant बिाम Vs. Deputy Commissioner of Income Tax, Central Circle-9, (Now Central Circle 20), ARA Centre, Jhandewalan Extension, New Delhi 110055 ..... प्रनिवादी/Respondent अपीलार्थी द्वारा/Appellant by : Shri Pratap Gupta, Chartered Accountant प्रधििािीद्वारा/Respondent by : Shri Manoj Kumar, Sr. DR (Through VC) सुिवाई की निथर्थ/ Date of hearing : 18/02/2026 घोषणा की निथर्थ/ Date of pronouncement : 18/02/2026 आदेश/ORDER PER VIKAS AWASTHY, JM: This appeal by the assessee is directed against the order of Commissioner of Income-tax (Appeals)-30, New Delhi (hereinafter referred to as ‘the CIT (A)’) dated 15.09.2025, for the Assessment Year 2014-15. 2. At the outset, the ld. AR submitted that though the assessee has raised multiple grounds of appeal, inter alia challenging validity of reopening of assessment, however, at this stage he is pressing only Ground No. 4 of the appeal relating to confirmation of addition of Rs. 27,20,000/- u/s. 68 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). The learned AR submitted that the assessee had sold 4,000 shares of PMC Fincorp Ltd. through a recognized stock exchange and declared Short Term Capital Gain (STCG) of Rs. 8,59,559/-. The said Printed from counselvise.com 2 ITA No. 7146/DEL/2025 (A.Y.2014-15) STCG was duly disclosed in the return of income. The return filed by the assessee was processed under section 143(1) of the Act accepting the returned income. Thereafter, the assessment was reopened on the ground that the assessee had allegedly taken bogus entries in the garb of Long-Term Capital Gain (LTCG) on sale of shares. The learned AR clarified that though he is not pressing the grounds challenging the validity of reopening at this stage, the reasons recorded are factually incorrect. The assessee had in fact earned STCG, which was duly offered to tax. He reiterated that the capital gain on sale of shares was fully reflected in the computation of income and was accepted u/s.143(1) of the Act. The learned AR thus prayed for deletion of the addition made by the Assessing Officer under section 68 of the Act in reassessment proceedings, as the same results in duplication of income already offered to tax. 3. Per contra, Shri Manoj Kumar representing the department placed reliance on the assessment order and findings of the CIT(A). 4. It is an undisputed fact that during the period relevant to assessment year under appeal, the assessee sold shares of PMC Fincrop Ltd. and earned STCG thereon. A perusal of the computation of income reveals that the assessee has offered STCG to tax. It is further evident from computation of Income that no exempt income was claimed in respect of the said transaction. This factual position remains uncontroverted. Once the capital gain arising from sale of shares has been duly offered to tax, there is no justification for making addition u/s. 68 of the Act in respect of the same transaction. The addition effectively results in duplication of income already offered to tax. In light of above undisputed facts, assessee succeeds on ground no. 4 of appeal. Printed from counselvise.com 3 ITA No. 7146/DEL/2025 (A.Y.2014-15) 5. In so far as the other ground i.e. ground of appeal no. 1 to 3 assailing validity of reassessment proceedings, the same are not pressed at this stage, hence, are left open. 6. In the result, appeal of the assessee is allowed protanto. Order pronounced in the open court on Wednesday the 18th day of February, 2026. Sd/- Sd/- (VIKAS AWASTHY) न्यानयक सदस्य/JUDICIAL MEMBER धिल्ली/Delhi, ददिांक/Dated 23/02/2026 NV/- प्रतिलिपि अग्रेपििCopy of the Order forwarded to : 1. अपीलार्थी/The Appellant , 2. प्रनिवादी/ The Respondent. 3. The PCIT/CIT(A) 4. ववभागीय प्रनिनिथि, आय.अपी.अथि., दिल्ली /DR, ITAT, धिल्ली 5. गार्ड फाइल/Guard file. BY ORDER, //True Copy// (Asstt. Registrar) ITAT, DELHI Printed from counselvise.com "