KAMAL KISHORE,HISAR V. ITO, NFAC, DELHI

ITA 5013/DEL/2024

AI Insights

The case involves Sh. Kamal Kishore, the appellant, who contested the assessment of his income tax returns for the assessment year 2013-14. Initially, he declared an income of Rs.76,96,410, which was later reassessed to Rs.89,24,178 following a reopening under section 148 of the Income Tax Act, 1961. The reassessment included a Long Term Capital Gain (LTCG) of Rs.12,27,768 from the sale of shares, which was later taxed as the Assessing Officer deemed the gains from penny stocks were not genuine. The appellant's appeal to the Commissioner of Income Tax (Appeals) was unsuccessful. Subsequently, the appellant opted for the Vivad se Vishwas Scheme, 2024, seeking to resolve the dispute, which led to the withdrawal of one appeal and the dismissal of the other as it was found to be duplicate.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 101809 (ITAT-DELHI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-04-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2013-2014
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: OM PRAKASH
• Assessee Lawyers: KULDEEP KHERA
• Keywords: Capital Gains
• Section: 148

Judgement Text

" 1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER AND SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER ITA No.5013 & 5152/Del/2024, A.Y. 2013-14 Sh. Kamal Kishore Building No. 270-N, Gurudwara Road, Model Town Hisar, Haryana PAN: ADYPK4397H Vs. Income Tax Officer, NFAC, New Delhi (Appellant) (Respondent) Appellant by Sh. Kuldeep Khera, CA Respondent by Sh. Om Prakash, Sr. DR Date of Hearing 17/04/2025 Date of Pronouncement 17/04/2025 ORDER PER AVDHESH KUMAR MISHRA, AM These appeals preferred by the assessee are against the order dated 28.08.2024 of the Commissioner of Income Tax (Appeals), NFAC, New Delhi [hereinafter ‘CIT(A)’]. 2. The relevant facts, in brief, are that the assessee filed his Income Tax Return (hereinafter, the ‘ITR’) on 25.09.2013 declaring income of Rs.76,96,410/-. Later, the case was reopened under section 148 of the Income Tax Act, 1961 (hereinafter, the ‘Act’). Consequential assessment was completed at income of Rs.89,24,178/-. Besides, the taxable income, the assessee has shown the Long Term Capital Gains (hereinafter, the ‘LTCG’) ITA No.5013 & 5152/Del/2024 Kamal Kishore 2 of Rs.12,27,768/- from sale of shares exempted income under section 10(38) of the Act. The Assessing Officer (hereinafter, the ‘AO’), noticing the steep rise in the value of shares within span of one year and odd, started investigation about the genuineness of the LTCG. The AO holding that the said LTCG was not genuine as these were from penny stock. Accordingly, he taxed the LTCG of Rs.12,27,768/-. Aggrieved, the assessee filed appeal before the CIT(A), but did not succeed. 3. During hearing, the Ld. AR submitted that the assessee had opted for settlement of the dispute under the Vivad se Vishwas Scheme, 2024. He further drew our attention to the fact that the assessee had filed his appeal both through e-filing mode and physical mode and got two different Appeal Number; ITA No. No.5013/Del/2024 and ITA No.5152/Del/2024. The Ld. AR requested for withdrawals of both appeals by submitting that the assessee had opted settlement of the dispute under the Vivad se Vishwas Scheme, 2024. The Ld. AR prayed for liberty to revive the appeal in case the application of the assessee fails to mature for any reason under Vivad se Vishwas Scheme, 2024. To which, the Ld. Sr. DR did not raise any objection. 4. Heard both parties. In view of the above, the ITA No. 5013/Del/2024 is dismissed as withdrawn as the assessee has opted to settle the issues under Vivad se Vishwas Scheme. Liberty is granted to the assessee to revive ITA No.5013 & 5152/Del/2024 Kamal Kishore 3 the appeal in case his application under Vivad se Vishwas Scheme, 2024 fails to mature. 5. As far as the second appeal; ITA No 5013/Del/2024 is concerned; this appeal was taken up today on oral request of Ld. AR that the present appeal is a duplicate appeal for the same dispute of the relevant year. In view of the above, this appeal ITA No.5152/Del/2024, being infructuous, is dismissed. 6. In the result, the appeal of the assessee dismissed as above; one (ITA No 5013/Del/2024) due to its withdrawal and second (ITA No.5152/Del/2024) as infructuous. Order pronounced in open Court on 17th April, 2025 Sd/- Sd/- (ANUBHAV SHARMA) (AVDHESH KUMAR MISHRA) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 17/04/2024 Binita, Sr. PS Copy forwarded to: 1. Appellant 2. Respondent 3. PCIT 4. CIT(Appeals) 5. Sr. DR: ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI "