Smt. Neelam Shukla, Mumbai V. The ACIT.,Circle-6, Surat

ITA 2272/AHD/2013

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 9060 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 6 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-03-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 08-03-2017
• Assessment Year: 2006-2007
• Appeal Filed On: 06-09-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Capital Gains
• Section: 32; 147; 131; 68; 246; 69; 145; 27; 148; 54; 37; 6; 56; 263; 63; 132; 12; 28; 271(1)(c); 144; 10; 90; 154; 2; 11; 15; 271(1)(b); 139; 92

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH (BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER) ITA. NO: 2272/AHD/2013 (ASSESSMENT YEAR: 2006-07) SMT. NEELAM SHUKLA C/O. SOMNA SHUKLA TYPE III B, BUILDING NO. 52/499 RCF COLONY, CHEMBUR, MUMBAI-400074 V/S ACIT, CIRCLE-6, SURAT (APPELLANT) (RESPONDENT) PAN: AUNPS3417Q APPELLANT BY : URVASHI SHODHAN, AR RESPONDENT BY : SHRI KEYUR PATEL, SR. D.R. ( )/ ORDER DATE OF HEARING : 08 -03-201 7 DATE OF PRONOUNCEMENT : 09 -03-2017 PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. THIS APPEAL BY THE ASSESSEE IS PREFERRED AGAINST TH E ORDER OF THE LD. CIT(A)- IV, SURAT DATED 17.08.2009 PERTAINING TO A.Y. 2006- 07. ITA NO. 2272 /AHD/2013 . A.Y. 2006-07 2 2. THE ONLY GRIEVANCE OF THE ASSESSEE RELATES TO THE L EVY OF PENALTY U/S. 271(1)(C) OF THE ACT. 3. AT THE VERY OUTSET, THE LD. COUNSEL FOR THE ASSESSE E BROUGHT TO OUR NOTICE THE ORDER OF THE CO-ORDINATE BENCH IN ITA NO. 2974/ AHD/2008 & 132/AHD/2010 DATED 11.03.2016. IT IS SAY OF THE LD. COUNSEL THAT THE TRIBUNAL HAS ALLOWED THE APPEAL OF THE ASSESSEE BY HOLDING THAT THE ASSESSEE IS AN INVESTOR AND THE INCOME ARISING IN R ESPECT OF SALE AND PURCHASE OF SHARES HAS TO BE TAXED UNDER THE HEAD SHORT TERM CAPITAL GAINS. 4. SUBLATO FUNDAMENTO CADIT OPUS WHICH MEANS THAT IN THE CASE THE FOUNDATION IS REMOVED, THE SUPER STRUCTURE FALLS. WE, ACCORDINGLY, DIRECT THE A.O. TO DELETE PENALTY LEVIED U/S. 271(1)(C) OF THE ACT AMOUNTING TO RS. 5,08,214/-. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON 09 - 03- 20 17 SD/- SD/- (MAHAVIR PRASAD) (N. K. BILLAIYA) JUDICIAL MEMBER TRUE COPY ACCOUNTANT MEMBER AHMEDABAD: DATED 09/03/2017 RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT.