Sharmila Kawar, CHENNAI V. ITO Non Corporate Ward 10(4), CHENNAI

ITA 1428/CHNY/2018

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 1038 (ITAT-CHENNAI)
• Duration Of Justice: 4 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-09-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 27-04-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Principle of natural justice

Judgement Text

ITA NO.1428 /2018 :- 3 -: WERE PUT TO THE ASSESSEE. RELYING ON THE DECISION O F CO-ORDINATE BENCH IN THE CASES OF VIMALCHAND GULABCHAND VS. ITO, PRAVEEN CHAND VS. IT O, GATRAJ JAIN & SONS (HUF) VS. ITO AND MAHENDRA KUMAR BHANDARI VS. ITO (ITA NOS.2003/17, 1721/2017, 2293/17 AND 2748/2017 DATED 06.04.2018), LD. AUTHORISED REPRESENTATIVE SUBMITTED THAT IN SI MILAR CASES WHERE THERE WAS A CLAIM FOR EXEMPTION OF LON G TERM CAPITAL GAINS ON SALE OF EQUITY SHARES, THE TRIBUNAL HAD GIVEN DI RECTIONS TO THE LD. ASSESSING OFFICER FOR RECONSIDERING THE ISSUE AD HERING TO THE RULES OF NATURAL JUSTICE. 3. PER CONTRA, LD. DEPARTMENTAL REPRESENTATIVE STRONGL Y SUPPORTING THE ORDERS OF THE AUTHORITIES BELOW SUBM ITTED THAT THERE WERE SUFFICIENT AND MORE REASONS FOR LOWER AUTHORITIES TO DISBELIEVE THE TRANSACTIONS CLAIMED BY THE ASSESSEE IN THE EQUITY SHARES OF M/S. KAPPAC PHARM LTD. AS PER THE LD. DEPARTMENTAL REPR ESENTATIVE, ASSESSEE COULD NOT PRODUCE ANY EVIDENCE TO SHOW HOW HE INDENTIFIED THESE SHARES FOR MAKING AN OFF MARKET PURCHASE. LD. DEPARTMENTAL REPRESENTATIVE ALSO PLACED RELIANCE ON A DECISION OF CO-ORDINATE BENCH IN THE CASE OF SHRI HEERACHAND KANUNGA VS. ITO (ITA NOS.2786 & 2787/CHNY/2017, DATD 03.05.2018). 4. WE HAVE CONSIDERED THE RIVAL CONTENTIONS AND PERUS ED THE ORDERS OF THE AUTHORITIES BELOW. IT IS NOT DISPUTED THAT LONG TERM CAPITAL