ACIT, CENTRAL CIRCLE- 19, NEW DELHI V. DEEPAK GAMBHIR, NEW DELHI

ITA 5660/DEL/2017

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 1593 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 5 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-02-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 04-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Competent authority
• Section: 68

Judgement Text

ITA NO.-5660/DEL/2017. DEEPAK GAMBHIR PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: A: NEW DELHI) (THROUGH VIDEO CONFERENCING) BEFORE SH. AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA NO:- 5660/DEL/2017 ( ASSESSMENT YEAR: 2014-15) ACIT, CENTRAL CIRCLE-19 NEW DELHI VS. DEEPAK GAMBHIR 68/8, NEA OLD RAJINDER NAGAR, NEW DELHI-110060 APPELLANT RESPONDENT PAN NO: AAACP5431H REVENUE BY : SH. AVIKAL MANU, SR. DR ASSESSEE BY : MS. UMANG LUTHRA, ADV. PER ANADEE NATH MISSHRA, A.M.: THIS APPEAL BY REVENUE IS FILED AGAINST THE ORDER O F LEARNED COMMISSIONER OF INCOME TAX (APPEALS)-27, NEW DELHI, [LD. CIT(A), FOR SHO RT], DATED 22.06.2017 FOR ASSESSMENT YEAR 2014-15. GROUNDS TAKEN IN THIS APP EAL OF REVENUE ARE AS UNDER: 1. THAT THE LD. CIT(A) ERRED IN LAW AND ON FACTS I N DELETING THE ADDITION OF RS.3,43,58,340/- MADE ON ACCOUNT OF UNE XPLAINED CASH CREDITS U/S 68 OF THE INCOME TAX ACT, 1961 WIT HOUT PROPERLY APPRECIATING THE FACTS AND CIRCUMSTANCE OF THE CASE IN WHICH SHARE OF M/S KAPPACH PHARMA LIMITED IS SCRIP USED B Y SHARE OPERATOR IN CIRCULAR TRADING THROUGH STOCK EXCHANGE TO PROVIDE THE LONG TERM CAPITAL GAIN TO INVESTOR BY SKY ROCKETING INCREASE IN ITA NO.-5660/DEL/2017. DEEPAK GAMBHIR PAGE 2 OF 4 PRICE OF OVER 5400% IN SPAN OF 16 MONTHS WHEREAS TH ERE IS NO IMPROVEMENT IN FINANCIAL/ACTUAL WORKING OF THE COMP ANY. 2. THE LD. CIT(A) HAS ERRED IN IGNORING THE ADMISSION OF THE SHARE OPERATOR SH. ALOK HARLALKA, WHO ADMITTED TO HAVE IN DULGED IN PROVIDING ACCOMMODATION ENTRY TO VARIOUS CORPORATE THROUGH LTCG AND ALSO DEALT IN THE TRADING OF SCRIP-M / S K APPACH PHARMA LIMITED HELD DURING F.Y. 2013-14 & 2014-15. 3. (A) THUS, THE ORDER OF LD. CIT(A) IS ERRONEOUS AND NOT TENABLE IN LAW AND ON FACTS. (B)THE APPELLANT CRAVES LEAVE TO ADD, ALTER OR AMEN D ANY/ALL OF THE GROUNDS OF APPEAL BEFORE OR DURING THE COURS E OF THE HEARING OF THE APPEAL. (B) AT THE TIME OF HEARING, AT THE OUTSET, THE LD. COU NSEL THE ASSESSEE INFORMED US THAT THE ASSESSEE HAS OPTED FOR VIVAD SE VISHWAS SCHEME, 2020 (VSVS, FOR SHORT) FOR THE SETTLEMENT OF SUBJECT MATTER OF THE DISPUTES IN THI S APPEAL. HE DREW OUR ATTENTION TO LETTER DATED FEBRUARY 12 TH , 2021 SENT FROM ASSESSEES SIDE IN INCOME TAX APPE LLATE TRIBUNAL (ITAT, FOR SHORT) GIVING INTIMATION OF THE SAME. COPY OF FORM-3 ISSUED BY COMPETENT AUTHORITY WAS ALSO FILED ALONGWITH AFORESAID LETTER DATED 12 TH FEBRUARY, 2021; IMPLYING THAT THE DISPUTES HAVE BEEN SETTLED UNDER AFORESAID VAVA D SE VISHWAS. AT THE TIME OF HEARING BEFORE US, THE LD. COUNSEL FOR ASSESSEE SUBMITTED B EFORE US THAT THIS APPEAL MAY BE DISMISSED ON ACCOUNT OF THE AFORESAID VSVS. THE LEA RNED DEPARTMENTAL REPRESENTATIVE DID NOT EXPRESS ANY OBJECTION TO THIS. AFTER DUE CONSID ERATION, AND IN VIEW OF THE FOREGOING; WE ARE OF THE OPINION THAT THIS APPEAL HAS BECOME I NFRUCTUOUS ON ACCOUNT OF AFORESAID VSVS, AND THAT THIS APPEAL MAY BE TREATED AS WITHDR AWN BY REVENUE ON ACCOUNT OF THE AFORESAID VSVS. ACCORDINGLY, THE APPEAL HAVING BE COME INFRUCTUOUS, IS TREATED AS WITHDRAWN AND, IS HEREBY DISMISSED. ITA NO.-5660/DEL/2017. DEEPAK GAMBHIR PAGE 3 OF 4 (B.1) BEFORE WE PART, WE HEREBY CLARIFY, BY WAY OF ABUNDA NT CAUTION, THAT IF FOR SOME REASON IT IS FOUND BY REVENUE THAT THE DISPUTE S UNDER THIS APPEAL BEFORE US ARE NOT FULLY SETTLED UNDER THE AFORESAID VSVS, THEN REVENUE WILL BE AT LIBERTY TO APPROACH ITAT FOR RESTORATION OF THIS AP PEAL, IN ACCORDANCE WITH LAW. (B.2) WITH THESE DIRECTIONS, THE AFORESAID APPEAL OF REV ENUE IS DISMISSED, BEING TREATED AS WITHDRAWN. (C) FOR STATISTICAL PURPOSES, THIS APPEAL IS DISMISSED. THIS ORDER WAS ALREADY PRONOUNCED ON 15 TH FEBRUARY, 2021 IN OPEN COURT, IN THE PRESENCE OF REPRESENTATIVES OF BOTH SIDES; AFTER CO NCLUSION OF THE HEARING. SD/- SD/- (AMIT SHUKLA) (ANADEE NATH MISSHRA) JUDICIAL MEMBER ACCOUNTA NT MEMBER DATED: 18/02/2021 *BINITA* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5.DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI