Naba Kumar Tah, Hooghly V. ACIT, Circle-2, Burdwan, Burdwan

ITA 272/KOL/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 9673 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 4 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-07-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Appeal Filed On: 15-02-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Bogus
• Section: 68

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. 272/KOL/2019 ASSESSMENT YEAR: 2015-16 NABA KUMAR TAH..................................................................................APPELLANT C/O. S.N. GHOSH & ASSOCIATES, ADVOCATES, SEBEN BROTHERS LODGE, BUROSHIBTALA, CHINSURAH, HOOGHLY 712 105. [PAN: ABOPT 5912 F] VS ACIT, CIR 2, BURDWAN.....................................RESPONDENT AAYAKAR BHAWAN, BURDWAN, KASHARI ROAD, COURT COMPOUND, P.O. & P.S. BURDWAN, PURBA BURDWAN 713 101. APPEARANCES BY: NONE APPEARING ON BEHALF OF THE ASSESSEE. SHRI SUPRIYO PAL, ADDL. CIT APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : JULY 06, 2020 DATE OF PRONOUNCING THE ORDER : JULY 06, 2020 ORDER THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF LD. CIT(A) BURDWAN DATED 07.12.2018 WHEREBY HE CONFIRMED THE ADDITION OF RS. 26,38,000/- MADE BY THE AO U/S 68 OF THE INCOME TAX ACT, 1961 BY HOLDING THE LONG TERM CAPITAL GAIN ARISING TO THE ASSESSEE FROM SALE OF SHARES AS BOGUS AND TREATING THE PROCEEDS OF THE SAID SALE AS UNEXPLAINED CASH CREDIT. 2. THE ASSESSEE IN THIS CASE HAS MADE AN APPLICATION DATED 29.06.2020 SEEKING PERMISSION OF THE TRIBUNAL TO WITHDRAW THIS APPEAL ON THE GROUND THAT HE IS GOING TO SETTLE THE DISPUTE INVOLVED IN THIS APPEAL UNDER THE VIVAD SE VISHWAS SCHEME 2020. SINCE THE LD. DR HAS NO OBJECTION IN THIS REGARD, THE PERMISSION AS SOUGHT BY THE 2 I.T.A. NO. 272/KOL/2019 ASSESSMENT YEAR: 2015-16 NABA KUMAR TAH ASSESSEE IS GRANTED AND THIS APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 3.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 6 TH JULY, 2020. SD/- (P.M. JAGTAP) VICE PRESIDENT DATED: 06/07/2020 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. NABA KUMAR TAH, C/O. S.N. GHOSH & ASSOCIATES, ADVOCATES, SEBEN BROTHERS LODGE, BUROSHIBTALA, CHINSURAH, HOOGHLY 712 105. 2. ACIT, CIR -2, BWN. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, ASSISTANT REGISTRAR / H.O.O. ITAT, KOLKATA