Sunil Khemka, New Delhi V. ACIT, Central Circle- 15, New Delhi

ITA 390/DEL/2018

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 4245 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 9 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-10-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2014-2015
• Appeal Filed On: 12-01-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: VED PRAKASH
• Keywords: Income from undisclosed sources

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH G NEW DELHI ] BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER A N D SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (THROUGH VIDEO CONFERENCING) ITA NO. 390/DEL/2018 ASSESSMENT YEAR: 2014-15 SHRI SUNIL KHEMKA, C/O. RAJ KUMAR & ASSOCIATES, CHARTERED ACCOUNTANTS, L7A (LGF), SOUTH EXT. PART2, DELHI-110 049. PAN NO. AATPK5766C VS ACIT, CENTRAL CIRCLE 15, NEW DELHI (APPELLANT) (RESPONDENT) A SSESSEE BY : SH RI RAJ KUMAR GUPTA , C . A .; DEPARTMENT BY : SH RI VED PRAKASH, SR. D.R.; DATE OF HEARING: 2 7 / 1 0/2020 DATE OF PRONOUNCEMENT: 27 /10/2020 O R D E R PER AMIT SHUKLA, JM : THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-XXVI, NEW DELHI, DATED 28 TH DECEMBER, 2017 FOR THE ASSESSMENT YEAR 2014-15. 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL :- 1. THAT UNDER THE FACTS AND CIRCUMSTANCES, BOTH THE LOWER AUTHORITIES ERRED IN LAW AS WELL AS ON MERITS IN ASSESSING THE DECLARED LTCG OF RS.46,63,728/- ON SALE OF SHARES AS UNACCOUNTED INCOME AND FURTHER ERRED IN NOT ALLOWING THE EXEMPTION U/S. 10(38) AS CLAIMED; 2 2. THAT IN THE ABSENCE OF CONFRONTING WITH THE ADVERSE MATERIAL USED AGAINST THE ASSESSEE AND IN THE ABSENCE OF PROVIDING CROSS- EXAMINATION OF PERSONS WHOSE STATEMENTS HAVE BEEN RECORDED ON THE BACK OF THE ASSESSEE, NO COGNIZE OF SUCH MATERIAL AN STATEMENTS SHOULD HAD BEEN TAKEN. 3. DURING THE COURSE OF HEARING THE LEARNED AUTHORIZED REPRESENTATIVE SUBMITTED THAT THE ASSESSEE HAS FILED AN APPLICATION FOR SETTING THE DISPUTE IN VIVAD SE VISWAS SCHEME, 2020 AND FILED FORM NOS. 1 AND 2 ON 24 TH OCTOBER, 2020. COPIES ARE SUBMITTED BEFORE US. 4. THE LEARNED DEPARTMENTAL REPRESENTATIVE STATED THAT FORM NO. 3 HAS NOT BEEN ISSUED IN THIS CASE. 5. IN VIEW OF ABOVE FACTS AND VIVAD SE VISWAS SCHEME, 2020 IN THIS MATTER AND FORM NOS. 1 AND 2 ALREADY FILED AND FORM NO. 3 IS AWAITED, THE APPEAL OF THE ASSESSEE MAY BE TREATED AS WITHDRAWN, SUBJECT TO THE OPPORTUNITY TO BOTH THE PARTIES. 6. ACCORDINGLY THE APPEAL OF THE ASSESSEE IS TREATED AS WITHDRAWN AND DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 27/10/2020. SD/- SD/- (PRASHANT MAHARISHI) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATE : 27.10.2020 *MEHTA* COPY FORWARDED TO:- 1. APPELLANT 2. RESPONDENT 3 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI DATE OF DICTATION 2 7 . 10 . 2020 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 2 7. 10 . 2020 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER 2 7. 10 . 2020 DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.PS/PS 2 7. 10 . 2020 DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT 2 7. 10 . 2020 DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.PS/PS 2 7. 10 . 2020 DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT 2 7. 10 . 2020 DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 2 7. 10 . 2020 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER DATE OF DISPATCH OF THE ORDER 4