Ritu Gupta, Delhi V. ACIT Circle 20 (1), New Delhi

ITA 700/DEL/2019

AI Insights

The case involves Ritu Gupta, who appealed against the order of the Commissioner of Income Tax (Appeals)-7, New Delhi, which confirmed the assessment order passed by the Assistant Commissioner of Income Tax, Circle-20(1), New Delhi. The assessment order disallowed the long-term capital gains of Rs. 1,07,13,484 on the sale of shares and added it to the assessee's income, claiming it was not genuine. The Tribunal heard the arguments of the Department's representative, who supported the lower authorities' findings, and dismissed the appeal, affirming the disallowance of the claimed gains and related commission.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 108671 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 3 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-05-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 07-05-2023
• Assessment Year: 2015-2016
• Appeal Filed On: 30-01-2019
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 69C; 143(3)

Judgement Text

1 ITA No. 700/Del/2019 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No. 700/DEL/2019 [Assessment Year: 2015-16 Ritu Gupta, C-155, Phase-I, Vivek Vihar, New Delhi-110095 C/o Kapil Goel Adv. F-26/124 Sector-7, Rohini, Delhi-110085. PAN- ACEPA4318F Vs Asstt. CIT, Circle-20(1), New Delhi. APPELLANT RESPONDENT Assessee represented by None Department represented by Shri Sanjay Tripathi, Sr. DR Date of hearing 08.05.2023 Date of pronouncement 09.05.2023 O R D E R PER ANUBHAV SHARMA, JM: The assessee has come in appeal against the order dated 05.12. 2018 passed by the Commissioner of Income Tax (Appeals)-7, New Delhi (hereinafter referred 2 ITA No. 700/Del/2019 as “learned First Appellate Authority” or in short “FAA”) in appeal no. 10378/370/CIT(A)-7/Del/2017-18 for the assessment year 2015-16, arising out of assessment order dated 29.12.2017 u/s 143(3) of the Income-tax Act, 1961 (hereinafter referred as the “Act”), passed by the Assistant Commissioner of Income Tax, Circle-20(1), New Delhi (hereinafter referred in short as “Ld. AO”). 2. Heard and perused the record. 3. None appeared for the assessee. Notices were issued on the last date of hearing through learned DR and report of proof of service has been filed by the Revenue. Accordingly, arguments of learned DR were heard, who supported the findings of learned tax authorities below. 4. Appreciating the material on record, it can be observed that learned AO has made addition of Rs. 1,13,13,484/- u/s 68 of the Act and disallowance of commission of Rs. 3,39,404/- u/s 69C of the Act on the basis of fact that long term capital gains of Rs. 1,07,13,484/- on sale of shares of M/s Channel Nine Entertainment Ltd. and claim of exemption u/s 10(38) of the Act was found to be not genuine. 5. It may be appreciated that learned tax authorities below have taken into consideration the antecedents of the assessee, her knowledge of the share market 3 ITA No. 700/Del/2019 and financial of scrip to conclude that the investment and returns are devoid of any logic or human probabilities. Therefore, learned tax authorities below have concluded it to be a modus operandi to convert unaccounted money into the books of account. There is nothing on record to suggest that observations of learned tax authorities below are against the facts and there is any justification for contradicting the findings. Merely allotment of a public issue or sale of shares on stock exchange on due payment of STT alone does not justify and contradict the conclusions. The grounds have no substance. The appeal is dismissed. Order pronounced in open court on 09.05.2023. Sd/- Sd/- (SHAMIM YAHYA) (ANUBHAV SHARMA) ACCOUNTANT MEMBER JUDICIAL MEMBER *MP* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI