Smt. Sunita M. Karad, Pune V. DCIT, Pune

ITA 276/PUN/2009

• Counselvise Citation: [2010] 135 COUNSELVISE.COM (IT) 3059 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 9 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-12-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2005-2006
• Appeal Filed On: 25-02-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: HARESHWAR SHARMA
• Assessee Lawyers: S K TYAGI
• Keywords: Penny stocks; Set aside; Capital Gains

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE SHRI SHAILENDRAKUMAR YADAV AND SHRI D. KARUNAKARA RAO ITA NO. 276/PN/09 (ASSTT. YEAR 2005-06) SMT. SUNITA M. KARAD PLOT NO. 18 & 19, RAJPATH HOUSING SOCIETY RAMKRISHNA PARMHANS NAGAR OPP. VANAZ FACTORY PAUD ROAD, PUNE- 411 038 PAN NO. ALTPK7187N .... APPELLANT VS. DY. CIT, CENTRAL CIRCLE 1(1), PUNE . RESPONDENT ITA NO. 278 & 279/PN/09 (ASSTT. YEAR 2004-05 & 2005 -06) SHRI MANGESH T. KARAD PLOT NO. 18 & 19, RAJPATH HOUSING SOCIETY RAMKRISHNA PARMHANS NAGAR OPP. VANAZ FACTORY PAUD ROAD, PUNE- 411 038 PAN NO. ALTPK5003J .... APPELLANT VS. DY. CIT, CENTRAL CIRCLE 1(1), PUNE . RESPONDENT APPELLANT BY : SHRI S.K. TYAGI RESPONDENT BY : SHRI HARESHWAR SHARMA ORDER PER D. KARUNAKARA RAO AM THESE THREE APPEALS FILED BY THE ASSESSEE AGAINST THE ORDER OF THE CIT(A)-I, PUNE DATED 17-12-2008 & 18-12-2008 FOR T HE ASSESSMENT YEAR 2004- 05 & 2005-06. 2. AT THE VERY OUTSET, LD. COUNSEL FOR THE ASSESSEE MENTIONED THAT IN ALL THESE THREE APPEALS, THE ISSUE INVOLVED RELATES TO CLAIM OF LONG-TERM CAPITAL GAINS WHICH ARE EARNED OUT OF SALE OF THE TAINTED PENNY STOCKS . BOTH THE ITA NO. 276, 278 & 279/PN/09 A.Y 2004-05 & 2005-06 PAGE 2 OF 2 PARTIES MENTIONED THAT THIS TRIBUNAL ALREADY TOOK A VIEW IN THIS REGARD AS EVIDENT FROM THE DECISION IN THE CASE OF SMT. SUREKHA B. MU NDADA AND OTHERS VIDE ITA NO. 1332/PN/08 FOR THE A.Y 2005-06 AND 11 OTHER INC OME TAX APPEALS. THEY MENTIONED THAT THIS ISSUE MIGHT HAVE TO GO TO THE F ILES OF THE A.O FOR DECIDING THE ISSUE IN THE LIGHT OF THE EXISTING FINDING OF T HE TRIBUNAL IN THE SAID ORDER OF THE TRIBUNAL DATED 16-06-2010, TO WHICH THE UNDERSI GNED IS A PARTY. IN THIS REGARD, THE ASSESSEE FILED THE COPY OF THE SAID ORD ER OF THE TRIBUNAL DATED 16-06- 2010. 3. WE HAVE GONE THROUGH THE ISSUE AND THE FACTS IN THESE THREE CASES IN THE LIGHT OF THE ORDER OF THE TRIBUNAL DATED 16-06-2010 . AFTER CONSIDERING THE SAME, WE HAVE FIND NO REASON TO DISAGREE WITH THE PARTIES OF THESE APPEALS. ACCORDINGLY, MATTERS ARE SET ASIDE TO THE FILES OF THE A.O IN RESPECT ALL THESE THREE APPEALS. HOWEVER, ASSESSEE IS DIRECTED TO FIL E THE COPIES OF THE ABOVE REFERRED ORDER OF THE TRIBUNAL DATED 16-06-2010 BEF ORE THE A.O DURING THE SET ASIDE PROCEEDINGS. AO SHALL DECIDE THIS ISSUE IN TH E LIGHT OF THE RATIO LAID DOWN BY US IN OUR ORDER DATED 16-06-2010. IN CASE, THE SAID RATIO IS APPLICABLE TO THE FACTS OF THESE APPEALS, THE A.O SHALL GRANT RELIEF TO THE ASSESSEE. IT GOES WITHOUT SAYING THAT THE A.O SHALL GRANT REASONABLE OPPORTUN ITY OF BEING HEARD TO THE ASSESSEE. ACCORDINGLY, THE GROUNDS IN ALL THE THREE APPEALS ARE SET ASIDE PRO- TANTO . 4. IN THE RESULT ALL THE THREE APPEALS OF THE ASSES SEE ARE ALLOWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED ON 16 TH DECEMBER, 2010. SD/- SD/- (SHAILENDRAKUMAR YADAV) (D.KARUNAKAR A RAO) JUDICIAL MEMBER ACCOUNTANT MEMBE R PUNE DATED THE 16 TH DECEMBER, 2010 R COPY OF THE ORDER IS FORWARDED TO : 1. ASSESSEE 2. DCIT, CENTRAL CIRCLE 1(1), PUNE 3. CIT(A)-I, PUNE 4. CIT(CENTRAL),PUNE 5. DR TAT A BENCH, PUNE BY ORDER ASSISTANT REGISTRAR I.T.A.T PUNE