Sri Dilip Kumar Gupta, Kolkata V. I.T.O.,Ward-22(4), Kolkata

ITA 1910/KOL/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 1350 (ITAT-KOLKATA)
• Duration Of Justice: 9 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-05-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Next Hearing Date: 16-03-2020
• Assessment Year: 2014-2015
• Appeal Filed On: 14-08-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: DHRUBAJYOTI RAY
• Assessee Lawyers: H V BHARDWAJ
• Section: 250; 22

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH, KOLKATA [BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER] I.T.A. NO. 1910/KOL/2019 ASSESSMENT YEAR: 2014-15 SRI DILIP KUMAR GUPTA.......................................................................................................APPELLANT [PAN: ADXPG 2192 H] VS. ITO, WARD-22(4), KOLKATA...RESPONDENT APPEARANCES BY: SH. H.V. BHARDWAJ, FCA, APPEARED ON BEHALF OF THE ASSESSEE. SH. DHRUBAJYOTI RAY, JCIT, SR. DR, APPEARED ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : MARCH 16 TH , 2020 DATE OF PRONOUNCING THE ORDER : MAY 22 ND , 2020 ORDER PER J. SUDHAKAR REDDY, AM : THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-6, KOLKATA [CIT(A) FOR SHORT] DATED 12.07.2019 U/S 250 OF THE INCOME TAX ACT, 1961 (THE ACT FOR SHORT) FOR AY 2014-15. 2. AFTER HEARING RIVAL CONTENTIONS I AM OF THE CONSIDERED OPINION THAT THIS ISSUE SHOULD BE RESTORED TO THE FILE OF THE LD. CIT(A) FOR FRESH ADJUDICATION IN ACCORDANCE WITH LAW. THE LD. CIT(A) MAY EXAMINE THE CLAIM OF THE ASSESSEE, THE AMOUNT THAT HAS TO BE TAXED, IS NOT THE GROSS RECEIPT ON SALE OF SHARES BUT ONLY THE NET RECEIPT ON SALE OF SHARES I.E. SALE CONSIDERATION PURCHASE CONSIDERATION. THE ASSESSEE IS FREE TO RAISE ANY OTHER PLEA/CONTENTION DURING THE COURSE OF THIS FRESH HEARING. 3. IN THE RESULT, THIS APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. KOLKATA, THE 22 ND MAY, 2020. SD/- [J. SUDHAKAR REDDY] ACCOUNTANT MEMBER DATED: 22.05.2020 BIDHAN 2 I.T.A. NO. 1910/KOL/2019 ASSESSMENT YEAR: 2014-15 SRI DILIP KUMAR GUPTA. COPY OF THE ORDER FORWARDED TO: 1. SRI DILIP KUMAR GUPTA, PODDAR COURT, GATE NO. 4, 2 ND FLOOR, ROOM NO. 10, 18, RABINDRA SARANI, KOLKATA-700 001. 2. ITO, WARD-22(4), KOLKATA. 3. CIT(A)-6, KOLKATA. (SENT THROUGH E-MAIL) 4. CIT- 5. CIT(DR), KOLKATA BENCHES, KOLKATA. (SENT THROUGH E-MAIL) TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES