Estate of Bhanwari Devi Laturia, Kolkata V. I.T.O.,Ward-49(2), Kolkata

ITA 2432/KOL/2019

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 1425 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 9 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-08-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2013-2014
• Appeal Filed On: 10-11-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Capital Gains
• Section: 68

Judgement Text

आयकर अपील य अ धकरण, कोलकाता पीठ ‘एसएमसी’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH: KOLKATA ी संजय गग या यक सद यएवं ी राजेश क ु मार, लेखा सद य के सम [Before Shri Sanjay Garg, Judicial Member & Shri Rajesh Kumar, Accountant Member] I.T.A. No. 2432/Kol/2019 आयकर अपील सं या–2432/कोल/2019 Assessment Year : 2013-14 नधा रण वष ः 2013-14 Estate of Bhanwari Devi Laturia (PAN: ABWPL 4300 P) Vs. ITO, Ward-49(2), Kolkata Appellant / (अपीलाथ)) Respondent / (+,यथ)) Date of Hearing / स ु नवाई क. त0थ 28.07.2022 Date of Pronouncement/ आदेश उ2घोषणा क. त0थ 29.08.2022 For the Appellant/ नधा 4रती क. ओर से None For the Respondent/ राज व क. ओर से Shri Gautam Mondal, Addl. CIT ORDER / आदेश Per Shri Rajesh Kumar, AM: This is the appeal preferred by the assessee is against the order of the Ld. Commissioner of Income Tax(Appeals)-10, Kolkata (hereinafter referred to as the Ld. CIT(A)”] dated 15.07.2019 for the AY 2013-14. 2. None appeared on behalf of the assessee at the time of hearing nor any application seeking adjournment was filed. Therefore we are deciding the appeal ex- parte after hearing the ld DR and after considering the merits of the case. 2 I.T.A. No.2432/Kol/2019 Assessment Year: 2013-14 Estate of Bhanwari Devi Laturia 3. The sole issue raised in grounds of appeal is relating to the disallowance of claim of exemption u/s 10(38) in respect of long-term capital gains arising from the sale of shares. 4. At the outset, we note that since the issue is relating to the penny stock and the same is squarely covered against the assessee by the recent decision of the Calcutta High Court vide common order dated 14.06.2022 in a batch of 90 appeals with a lead case titled as PCIT vs. Swati Bajaj in IA No.GA/2/2022 and Others. We also note that the facts and issue involved in the above appeal of the assessee is identical to that as was before the Hon’ble Calcutta High Court. The Hon’ble Calcutta High Court vide its decision dated 14.06.2022 (supra) has affirmed the additions made by the Assessing Officer u/s 68 of the Income Tax Act in respect of bogus long-term capital gains. In view of this, the appeal of the assessee is hereby dismissed. 5. In the result, the appeal of the assessee stands dismissed. Order is pronounced in the open court on 29 th August, 2022 Sd/- Sd/- (Sanjay Garg /संजय गग ) (Rajesh Kumar/राजेश क ु मार) Judicial Member/ या यक सद य Accountant Member/लेखा सद य Dated: 29 th August, 2022 SB, Sr. PS 3 I.T.A. No.2432/Kol/2019 Assessment Year: 2013-14 Estate of Bhanwari Devi Laturia Copy of the order forwarded to: 1. Appellant- Estate of Bhanwari Devi Laturia (Through Legal Heir Sunil Maheshwari), 43, Cotton Street, 2 nd Floor, JeeraKothi, Kolkata-700007. 2. Respondent – ITO, Ward-49(2), Kolkata 3. Ld. CIT(A)- 15, Kolkata 4. Pr. CIT- , Kolkata 5. DR, Kolkata Benches, Kolkata (sent through e-mail) True Copy By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata