ANAND PERSAD JAISWAL, NEW DELHI V. ACIT, CENTRAL CIRCLE- 4, NEW DELHI

ITA 5300/DEL/2018

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 6841 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 7 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2015-2016
• Appeal Filed On: 06-08-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ALKA GAUTAM
• Keywords: Capital asset; Additional evidence

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI BEFORE SH. A.D. JAIN, VICE PRESIDENT AND SH. N. K. BILLAIYA, ACCOUNTANT MEMBER (THROUGH VIDEO CONFERENCING) ITA No.5300/Del/2018 Assessment Year: 2015-16 Anand Persad Jaiswal 54-Ring Road, Lajpat Nagar- III, New Delhi-110024 PAN No. ADRPJ2549M Vs ACIT Central Circle- 4 New Delhi (APPELLANT) (RESPONDENT) Appellant by Sh. Deepchand Garg, CA Sh. Rakesh Garg, CA Respondent by Ms. Alka Gautam, Sr. DR Date of hearing: 16/03/2022 Date of Pronouncement: 16/03/2022 ORDER PER N. K. BILLAIYA, AM: This appeal filed by the assessee is preferred against the order of the CIT(A)-23, New Delhi dated 28.05.2018 pertaining to A.Y.2015-16. 2 2. The solitary grievance of the assessee is that the CIT(A) erred in upholding the addition by treating Rs.13,94,583/- as short term capital gain in place of long term capital gain. 3. Representatives of both the sides were heard at length. Case records carefully perused. 4. Briefly stated the facts of the case are that the assessee returned long term capital loss of Rs.29,05,652/- on sale of mutual funds hold by the assessee for less than 36 months as under :- 3 5. The assessee was asked to show cause why long term capital loss of Rs.29,05,652/- should not be disallowed and total short term capital gain of Rs.22,61749/- should not be added to the income. In its reply the assessee stated that if any units of mutual funds is held by the assessee for a period of more than 12 months, it will be treated as long term capital assets. The AO was of the opinion that where no STT has been paid on the selling price the holding period would extend to 36 months and accordingly disallowed the long term capital loss. 6. Assessee carried the matter before the CIT(A) but without any success. 4 7. Before us the counsel for the assessee moved an application for the admission of additional evidences being a certificate from Franklin India certifying that STT has been paid. We find that the date of CIT(A)’s order is much prior to the date of certificate which means that the same was not available with the assessee at the time of the appellate proceedings, therefore, the additional evidences in admitted. 8. However, in the interest of justice we remit the matter to the files of the AO. The assessee is directed to furnish the evidences before the AO and the AO is directed to decide the issue afresh after affording a reasonable and sufficient opportunity of being heard to the assessee. 9. In the result, the appeal of the assessee is allowed for statistical purpose. 5 10. The order is pronounced in the open court on 16.03.2022 in the presence of both the representatives. Sd/- Sd/- (A.D. JAIN) (N. K. BILLAIYA) VICE PRESIDENT ACCOUNTANT MEMBER *NEHA* Date:- 16.03.2022 Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI Date of dictation Date on which the typed draft is placed before the dictating Member Date on which the typed draft is placed before the Other member Date on which the approved draft comes to the Sr.PS/PS Date on which the fair order is placed before the Dictating Member for Pronouncement Date on which the fair order comes back to the Sr. PS/ PS Date on which the final order is uploaded on the website of ITAT 21.03.2022 Date on which the file goes to the Bench Clerk Date on which file goes to the Head Clerk. The date on which file goes to the Assistant Registrar for signature on the order Date of dispatch of the Order