Vikash Lohia, Kolkata V. I.T.O., Ward-30(3), Kolkata, Kolkata

ITA 621/KOL/2022

AI Insights

The case involves an appeal by M/s Vikash Lohia against the order of the Commissioner of Income Tax (Appeals) - NFAC, Delhi, which confirmed the addition of Rs. 37,87,500 as bogus long-term capital gain on the sale of equity shares, claimed exempt under section 10(38) of the Income Tax Act for the Assessment Year 2014-15. The ITAT noted discrepancies in the amounts stated in different parts of the assessment order and decided that the issue requires re-examination to determine the correct amount of long-term capital gain.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 127264 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-04-2023
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: A
• Next Hearing Date: 04-04-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 08-11-2022
• Other Referred Cases: PCIT Vs Swati Bajaj
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

आयकर अपील य अ धकरण, कोलकाता पीठ ‘‘ए’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA ी राजेश क ु मार , लेखा सद य एवं ी संजय शमा या यक सद यके सम [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 621/Kol/2022 Assessment Year: 2014-15 M/s Vikash Lohia (PAN: AAXPL 3630 N) Vs. ITO, Ward-30(3), Kolkata Appellant / )अपीलाथ ( Respondent / ) !यथ ( Date of Hearing / स ु नवाई क$ त&थ 05.04.2023 Date of Pronouncement/ आदेश उ)घोषणा क$ त&थ 26.04.2023 For the Appellant/ नधा /रती क$ ओर से Shri K. M. Roy, A.R For the Respondent/ राज व क$ ओर से Smt. Ranu Biswas, Addl. CITDR ORDER / आदेश Per Rajesh Kumar, AM: This is the appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals) – NFAC, Delhi (hereinafter referred to as the Ld. CIT(A)”] dated 15.09.2022 for the AY 2014-15. 2. The only issue raised by the assessee is against the confirmation of addition of Rs. 37,87,500/- which was made by the AO on account of bogus long term capital gain on sale of equity shares which was claimed as exempt u/s 10(38) of the Act. 3. At the outset, it was brought to our notice that the case is covered against the assessee by the decision of Hon’ble High Court in the case of PCIT Vs Swati Bajaj IA 2 I.T.A. No. 621/Kol/2022 Assessment Year: 2014-15 M/s Vikash Lohia No. GA/2/2022 and others however it was submitted that it needs to be examined as to how much is the correct amount of long term capital gain. It was brought to our notice that in the para 5 page 1 of assessment order, the AO has stated that the amount claimed u/s 10(38) of the Act as exempt long term capital gain was Rs. 36,77,667/- whereas on the last page of assessment order in para 2 the AO stated that bogus long term capital gain of Rs. 37,87,500/- which was ultimately added in the income of the assessee. Accordingly in our opinion, the issue needs to be examined at the level of the AO as to what is the amount of long term capital gain accruing to the assessee from sale of equity shares. Accordingly we restore the issue back to the file of AO with the direction to examine the issue and decide the same afresh. 4. In the result, the appeal of the assessee is partly allowed for statistical purposes. Order is pronounced in the open court on 26 th April, 2023 Sd/- Sd/- (Sonjoy Sarma /संजय शमा ) (Rajesh Kumar/राजेश क ु मार) Judicial Member/ या यक सद य Accountant Member/लेखा सद य Dated: 26 th April, 2023 SB, Sr. PS Copy of the order forwarded to: 1. Appellant- M/s Vikash Lohia, 15A, Mandevilla Garden, Kolkata-700019 2. Respondent – ITO, Ward-30(3), Kolkata 3. Ld. CIT(A)-NFAC, Delhi 4. Ld. PCIT- , Kolkata 5. DR, Kolkata Benches, Kolkata (sent through e-mail) True Copy By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata