Shiv Shankar Agarwal HUF, Kolkata V. I.T.O.,Ward-36(2), Kolkata

ITA 1971/KOL/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 0204 (ITAT-KOLKATA)
• Duration Of Justice: 9 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-06-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 21-04-2020
• Assessment Year: 2015-2016
• Appeal Filed On: 21-08-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH (SMC), KOLKATA [BEFORE SHRI P.M. JAGTAP, VICE PRESIDENT (KZ)] [THROUGH VIRTUAL COURT] I.T.A. NO. 1971/KOL/2019 ASSESSMENT YEAR: 2015-16 SHIV SHANKAR AGARWAL HUF..............................................................APPELLANT C/O. SUBASH AGARWAL & ASSOCIATES, ADVOCATES SIDDHA GIBSON, 1, GIBSON LANE, SUITE 213, 2 ND FLOOR, KOLKATA 700 069. [PAN: AAJHS 3210 H] VS ITO, WARD-36(2), KOLKATA...................................RESPONDENT 110, SHANTIPALLY, KOLKATA 700 107. APPEARANCES BY: SHRI SUBHASH AGARWAL, ADVOCATE APPEARING ON BEHALF OF THE ASSESSEE. SHRI DHRUBJYOTI ROY, JCIT, APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : JUNE 16, 2020 DATE OF PRONOUNCING THE ORDER : JUNE 16 , 2020 ORDER THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF LD. CIT(A) 10, KOLKATA DATED 25.07.2019 AND THE SOLITARY ISSUE INVOLVED THEREIN RELATES TO THE ADDITION OF RS. 15,72,907/- MADE BY THE AO AND CONFIRMED BY THE LD. CIT(A) BY DISALLOWING THE CLAIM OF THE ASSESSEE FOR EXEMPTION U/S 10(38) OF THE INCOME TAX ACT, 1961 BY TREATING THE LONG TERM CAPITAL GAIN CLAIMED TO BE ARISING FROM THE SALE OF SHARES OF M/S. KAILASH AUTO FINANCE LIMITED. 2. AT THE TIME OF HEARING FIXED IN THIS CASE TODAY, THE LEARNED COUNSEL FOR THE ASSESSEE HAS SOUGHT PERMISSION OF THE BENCH TO WITHDRAW THIS APPEAL ON THE GROUND THAT THE ASSESSEE IS IN THE PROCESS OF SETTLING THE ISSUE INVOLVED IN THIS APPEAL UNDER VIVAD SE VISHWAS SCHEME. SINCE THE LD. DR HAS NOT RAISED ANY OBJECTION IN THIS REGARD, 2 I.T.A. NO. 1971/KOL/2019 ASSESSMENT YEAR: 2015-16 SHIV SHANKAR AGARWAL HUF THE PERMISSION AS SOUGHT BY THE ASSESSEE IS GRANTED AND THIS APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 16 TH JUNE, 2020. SD/- (P.M. JAGTAP) VICE PRESIDENT DATED: 16/06/2020 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. SHIV SHANKAR AGARWAL (HUF), C/O. SUBASH AGARWAL & ASSOCIATED, ADVOCATES, SIDDHA GIBSON, 1, GIBSON LANE, SUITE 213, 2 ND FLOOR, KOLKATA 700 069. 2. ITO, WARD 36(2), KOLKATA. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, ASSISTANT REGISTRAR / H.O.O. ITAT, KOLKATA