Raj Kumar Rungta, Kolkata V. I.T.O.,Ward-22(4), Kolkata

ITA 173/KOL/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 2130 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-06-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Appeal Filed On: 01-02-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Penny stocks; Capital Gains
• Section: 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH, KOLKATA [BEFORE SRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER] I.T.A. NO. 173/KOL/2019 ASSESSMENT YEAR: 2015-16 RAJ KUMAR RUNGTA............APPELLANT 2, BARETTO LANE 3 RD FLOOR KOLKATA 700 069 [PAN : ACZPR 9900 P] INCOME TAX OFFICER, WARD - 22(4), KOLKATA...............................RESPONDENT APPEARANCES BY: SHRI P.K. SOMSHAI, C.A., APPEARED ON BEHALF OF THE ASSESSEE. SHRI ROBIN CHOUDHURY, ADDL. CIT SR. D/R, APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : JUNE 12 TH , 2019 DATE OF PRONOUNCING THE ORDER : JUNE 19 TH , 2019 O R D E R PER J. SUDHAKAR REDDY :- THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) - 6, KOLKATA, (HEREINAFTER THE LD. CIT (A)), PASSED U/S 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 20/12/2018, FOR THE ASSESSMENT YEAR 2015-16. 2. AFTER HEARING RIVAL CONTENTIONS, I AM OF THE CONSIDERED OPINION THAT THIS MATTER SHOULD BE RESTORED TO THE ASSESSING OFFICER FOR FRESH ADJUDICATION, IN ACCORDANCE WITH LAW, FOR THE REASON THAT THE ASSESSING OFFICER HAS WITHOUT APPLICATION OF MIND, TREATED ALL SCRIPS ON WHICH THE ASSESSEE HAS EARNED LONG TERM CAPITAL GAINS AS PENNY STOCKS. IN VIEW OF THE ABOVE DISCUSSION, WE RESTORE THE MATTER TO THE FILE OF THE ASSESSING OFFICER FOR FRESH ADJUDICATION, IN ACCORDANCE WITH LAW. THE ASSESSING OFFICER SHALL CONSIDER EACH AND EVERY SCRIP ON WHICH THE ASSESSEE HAS EARNED LONG TERM CAPITAL GAINS AND DISPOSE OFF THE MATTER IN ACCORDANCE WITH LAW. 2 I.T.A. NO. 173/KOL/2019 ASSESSMENT YEAR: 2015-16 RAJ KUMAR RUNGTA 3. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. KOLKATA, THE 19 TH DAY OF JUNE, 2019. SD/- [ J. SUDHAKAR REDDY] ACCOUNTANT MEMBER DATED :19.06.2019 {SC SPS} COPY OF THE ORDER FORWARDED TO: 1. RAJ KUMAR RUNGTA 2, BARETTO LANE 3 RD FLOOR KOLKATA 700 069 2. INCOME TAX OFFICER, WARD - 22(4), KOLKATA 3. CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES