Hitesh Dani, Kolkata V. I.T.O.,Ward-29(3), Kolkata

ITA 1765/KOL/2019

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 0909 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-12-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Next Hearing Date: 05-12-2019
• Assessment Year: 2008-2009
• Appeal Filed On: 26-07-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: JAYANTA KHANRA
• Assessee Lawyers: M D SHAH
• Section: 143(1); 154

Judgement Text

1 ITA NO. 1765/KOL/2019 HITESH DANI AY- 2008-09 , A(SMC) , IN THE INCOME TAX APPELLATE TRIBUNAL A(SMC) BENCH : KOLKATA ( ) . . , ) [BEFORE SHRI A. T. VARKEY, JM] ITA NO.1765/KOL/2019 ASSESSMENT YEAR: 2008-09 HITESH DANI (PAN: ADNPD9461C) VS. INCOME-TAX OFFICER, WD-29(3), KOLKATA APPELLANT RESPONDENT DATE OF HEARING 05.12.2019 DATE OF PRONOUNCEMENT 20.12.2019 FOR THE APPELLANT SHRI M. D. SHAH, ADVOCATE FOR THE RESPONDENT SHRI JAYANTA KHANRA, JCIT, SR. D R ORDER THIS IS AN APPEAL PREFERRED BY THE ASSESSEE AGAINST THE ORDER OF LD. CIT(A)-8, KOLKATA DATED 28-05-2019 FOR THE ASSESSMENT YEAR 2008-09. 2. AT THE OUTSET ITSELF, THE LD. COUNSEL FOR THE A SSESSEE POINTED OUT THAT ASSESSEE HAS OFFERED SHORT TERM CAPITAL GAIN (STCG). HOWEVER, W HEN THE RETURN WAS PROCESSED, THE STCG HAS BEEN TAXED AT THE NORMAL RATE U/S. 143(1) OF THE INCOME-TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT). THOUGH THE ASSESSEE HAD FILED THE RECTIFICATION APPLICATION U/S. 154 OF THE ACT, THE SAME WAS REJECTED. ON APPEAL, THE L D. CIT(A) HAS PASSED AN EX PARTE ORDER. 3. HAVING HEARD BOTH THE PARTIES AND HAVING UNDERST OOD THE GRIEVANCE OF THE ASSESSEE, IT IS NOTED THAT THE ASSESSEE HAD FILED AN APPLICATION U/S. 154 OF THE ACT BEFORE THE AO POINTING OUT THAT THE STCG ON SALE OF SHARES WAS ERRONEOUSLY TAXED AT NORMAL RATES. HOWEVER, ACCORDING TO THE ASSESSEE IT SHOULD HAVE BEEN TAXED AT ONLY 20%. AFTER CONSIDERING THE SUBMISSIONS OF BOTH THE PARTIES, I AM OF THE OPINIO N THAT THE ASSESSEES CLAIM OF STCG SHOULD BE VERIFIED BY THE AO AND IF FOUND TO BE COR RECT THEN THE ASSESSEE SHOULD BE GIVEN THE BENEFIT OF THE STCG AND SHOULD NOT BE TAXED AT THE NORMAL RATES AND SHOULD BE TAXED @ 20% AS STIPULATED BY LAW. THE ASSESSEE IS DIRECTED TO FILE NECESSARY EVIDENCE BEFORE THE AO TO SUBSTANTIATE HIS CLAIM. THEREFORE, APPEAL OF ASS ESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 2 ITA NO. 1765/KOL/2019 HITESH DANI AY- 2008-09 4. IN THE RESULT, THE APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER IS PRONOUNCED IN THE OPEN COURT ON 20 DECEMBE R, 2019. SD/- (ABY. T. VARKEY) JD.(SR.P.S.) DATED :20TH DECEMBER, 2019 JUDICIALMEMBER COPY OF THE ORDER FORWARDED TO: 1. APPELLANT SHRI HITESH DANI, 10C & 10D, FORT RO YAL, 28, PRINCE ANWAR SHAH ROAD, TOLLYGUNGE, KOLKATA-700 033. 2 RESPONDENT ITO, WARD-29(3), KOLKATA. 3. 4. 5. CIT(A)-8, KOLKATA (SENT THROUGH E-MAIL) CIT- , KOLKATA. DR, ITAT, KOLKATA. (SENT THROUGH E-MAIL) / TRUE COPY, BY ORDER, ASSISTANT REGISTRAR