Shri Mukesh Kumar Khemuka, Kolkata V. D.C.I.T.,Circle-1(2), Kolkata

ITA 1399/KOL/2019

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 2308 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-12-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 07-06-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Capital Gains
• Section: 69C; 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH, KOLKATA [BEFORE SHRI J. SUDHAKAR REDDY, HONBLE ACCOUNTANT MEMBER] I.T.A. NO. 1398 /KOL/2019 ASSESSMENT YEAR: 2014-15 SHRI RAKESH KUMAR KHEMUKA..............................APPELLANT 27, SHAKESPARE SARANI FLAT 68 KOLKATA 700 017 [PAN: AFLPK 3692 P] VS. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(2), KOLKATA...........................RESPONDENT I.T.A. NO. 1399/KOL/2019 ASSESSMENT YEAR: 2014-15 SHRI MUKESH KUMAR KHEMUKA..............................APPELLANT 27, SHAKESPARE SARANI FLAT 68 KOLKATA 700 017 [PAN: AFLPK 3693 P] VS. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(2), KOLKATA...........................RESPONDENT APPEARANCES BY: NONE, APPEARED ON BEHALF OF THE ASSESSEE. SHRI DHRUBOJYOTI RAY, JCIT, SR. D/R, APPEARING ON BEHALF OF THE REVENUE DATE OF CONCLUDING THE HEARING : NOVEMBER 6 TH , 2019 DATE OF PRONOUNCING THE ORDER : DECEMBER 5 TH , 2019 O R D E R PER J. SUDHAKAR REDDY, AM :- BOTH THESE APPEALS FILED BY THE ASSESSEE ARE DIRECTED AGAINST SEPARATE ORDERS OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) 09, KOLKATA, (HEREINAFTER THE LD.CIT(A)), PASSED U/S. 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 08/03/2019 AND DT. 26/03/2019, BOTH FOR THE ASSESSMENT YEAR 2014- 15. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE. THE LD. COUNSEL FOR THE ASSESSEE HAS FILED AN APPLICATION SEEKING ADJOURNMENT. THE SAME IS REJECTED AS, IN OUR VIEW, THIS IS NOT A FIT CASE FOR GRANT OF ADJOURNMENT. UNDER THESE CIRCUMSTANCES, WE DISPOSE OFF THE CASE EX-PARTE QUA THE ASSESSEE AFTER HEARING THE LD. DEPARTMENTAL REPRESENTATIVE. 3. AS THE ISSUES ARISING IN BOTH THESE APPEALS ARE IDENTICAL, FOR THE SAKE OF CONVENIENCE, THEY ARE HEARD TOGETHER AND DISPOSED OFF BY WAY OF THIS COMMON ORDER. 4. HEARD THE LD. D/R. THE LD. CIT(A), IN THIS CASE, HAS U/S 68 OF THE ACT BY THE ASSESSING OFFICER. THE ASSESSING OFFICER HAS MADE THE ADDITION U/S 68 OF THE ACT OF LONG TERM CAPITAL GAINS EARNED BY THE ASSESSEE BY WAY OF SALE PROCEEDS, SALE OF SHARES OF M/S. DECISION OF THE JURISDICTIONAL TRIBUNAL IN THE CASE OF NO. 2281/KOL/2017 (KOL. TRIB). DEPARTMENT HAS ACCEPTED THE DELETION OF ADDITION U/S 68 OF THE ACT. O CONSEQUENTIAL ADDITION MADE U/S 69C OF THE ACT, HAS BEEN CONFIRMED BY THE LD. CIT(A). WHEN THE MAIN ADDITION REVENUE HAS ACCEPTED THE SAME. T THUS, WE DELETE THE ADDITION MADE U/S 69C OF THE ACT AND ALLOW GROUND NO. 1 IN BOTH THE APPEALS OF THE ASSESSEE. 5. GROUND NO. 2 IN BOTH THE APPEALS ARE CONSEQUENTIAL IN NATURE. 6. GROUND NO. 3 IN BOTH THE APPEALS ARE PREMATURE AND DISMISSED AS SUCH. 7. GROUND NO. 4 IN BO TH THE APPEALS ARE GENERAL IN NATURE. 8. IN THE RESULT, BOTH THE APPEALS OF THE ASSESSEE ARE ALLOWED IN PART. KOLKATA, THE DATED : 5.12.2019 {SC SPS} 2 AS THE ISSUES ARISING IN BOTH THESE APPEALS ARE IDENTICAL, FOR THE SAKE OF CONVENIENCE, THEY ARE HEARD TOGETHER AND DISPOSED OFF BY WAY OF THIS COMMON HEARD THE LD. D/R. THE LD. CIT(A), IN THIS CASE, HAS DELETED THE ADDITION MADE U/S 68 OF THE ACT BY THE ASSESSING OFFICER. THE ASSESSING OFFICER HAS MADE THE ADDITION U/S 68 OF THE ACT OF LONG TERM CAPITAL GAINS EARNED BY THE ASSESSEE BY WAY OF SALE PROCEEDS, SALE OF SHARES OF M/S. S.R.K. INDUSTRIES LTD.. H E FOLLOWED THE DECISION OF THE JURISDICTIONAL TRIBUNAL IN THE CASE OF NAVNEET AGARWAL VS. ITO IN ITA NO. 2281/KOL/2017 (KOL. TRIB). THIS DELETION U/S 68 OF THE ACT, IS NOT BEFORE US. DEPARTMENT HAS ACCEPTED THE DELETION OF ADDITION U/S 68 OF THE ACT. O CONSEQUENTIAL ADDITION MADE U/S 69C OF THE ACT, HAS BEEN CONFIRMED BY THE LD. CIT(A). WHEN THE MAIN ADDITION U/S 68 OF THE ACT, HAS BEEN DELETED REVENUE HAS ACCEPTED THE SAME. T HE CONSEQUENTIAL ADDITION CANNOT BE SUSTAINED. THE ADDITION MADE U/S 69C OF THE ACT AND ALLOW GROUND NO. 1 IN BOTH THE APPEALS OF THE ASSESSEE. GROUND NO. 2 IN BOTH THE APPEALS ARE CONSEQUENTIAL IN NATURE. GROUND NO. 3 IN BOTH THE APPEALS ARE PREMATURE AND DISMISSED AS SUCH. TH THE APPEALS ARE GENERAL IN NATURE. IN THE RESULT, BOTH THE APPEALS OF THE ASSESSEE ARE ALLOWED IN PART. KOLKATA, THE 5 TH DAY OF DECEMBER, 2019. SD/- [J. SUDHAKAR REDDY] ACCOUNTANT MEMBER I.T.A. NO. 1398 /KOL/2019 ASSESSMENT YEAR: 2014-15 SHRI RAKESH KUMAR KHEMUKA I.T.A. NO. 1399/KOL/2019 ASSESSMENT YEAR: 2014-15 SHRI MUKESH KUMAR KHEMUKA AS THE ISSUES ARISING IN BOTH THESE APPEALS ARE IDENTICAL, FOR THE SAKE OF CONVENIENCE, THEY ARE HEARD TOGETHER AND DISPOSED OFF BY WAY OF THIS COMMON DELETED THE ADDITION MADE U/S 68 OF THE ACT BY THE ASSESSING OFFICER. THE ASSESSING OFFICER HAS MADE THE ADDITION U/S 68 OF THE ACT OF LONG TERM CAPITAL GAINS EARNED BY THE ASSESSEE BY WAY E FOLLOWED THE NAVNEET AGARWAL VS. ITO IN ITA IS NOT BEFORE US. THE DEPARTMENT HAS ACCEPTED THE DELETION OF ADDITION U/S 68 OF THE ACT. O NLY THE CONSEQUENTIAL ADDITION MADE U/S 69C OF THE ACT, HAS BEEN CONFIRMED BY THE LD. HAS BEEN DELETED AND THE HE CONSEQUENTIAL ADDITION CANNOT BE SUSTAINED. THE ADDITION MADE U/S 69C OF THE ACT AND ALLOW GROUND NO. 1 IN GROUND NO. 3 IN BOTH THE APPEALS ARE PREMATURE AND DISMISSED AS SUCH. IN THE RESULT, BOTH THE APPEALS OF THE ASSESSEE ARE ALLOWED IN PART. C OPY OF THE ORDER FORWARDED TO: 1. SHRI MUKESH KUMAR KHEMUKA 27, SHAKESPARE SARANI FLAT 68 KOLKATA 700 017 2.SHRI RAKESH KUMAR KHEMUKA 27, SHAKESPARE SARANI FLAT 68 KOLKATA 700 017 3. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 4. CIT(A)- 5. CIT- , 6 . CIT(DR), KOLKATA BENCHES, KOLKATA. 3 OPY OF THE ORDER FORWARDED TO: SHRI MUKESH KUMAR KHEMUKA 2.SHRI RAKESH KUMAR KHEMUKA COMMISSIONER OF INCOME TAX, CIRCLE -1(2), KOLKATA SENT THROUGH E-MAIL. . CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGIST ITAT, KOLKATA BENCHES I.T.A. NO. 1398 /KOL/2019 ASSESSMENT YEAR: 2014-15 SHRI RAKESH KUMAR KHEMUKA I.T.A. NO. 1399/KOL/2019 ASSESSMENT YEAR: 2014-15 SHRI MUKESH KUMAR KHEMUKA TRUE COPY BY ORDER ASSISTANT REGIST RAR ITAT, KOLKATA BENCHES