Asst. Commissioner of Income Tax, Circle-1(1), Hyderabad V. Umesh Gupta , Hyderabad

MA 134/Hyd/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 7797 (ITAT-HYDERABAD)
• Duration Of Justice: 1 month(s) 1 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-01-2020
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: DB-A
• Assessment Year: 2014-2015
• Appeal Filed On: 19-12-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Tax effect; Penny stocks

Judgement Text

MA NO 134 OF 2019 UMESH GUPTA HYDERABAD. PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER MA NO.134/HYD/2019 (ARISING OUT OF ITA NO.2130/HYD/2018 ASSESSMENT YEAR: 2014-15 ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 1(1) HYDERABAD VS. SRI UMESH GUPTA HYDERABAD PAN:ABKPG3528L (APPELLANT) (RESPONDENT) REVENUE BY: SRI RAVI BABU, DR ASSESSEE BY : SRI K.C. DEVDAS DATE OF HEARING: 20/12/2019 DATE OF PRONOUNCEMENT: 20/01/2020 ORDER PER SMT. P. MADHAVI DEVI, J.M. THIS M.A. IS FILED BY THE REVENUE SEEKING RECALL OF THE ORDER OF THE TRIBUNAL IN ITA NO.2130/HYD/2018, DATE D 26.08.2019 ON THE GROUND THAT THIS CASE FALLS UNDER ONE OF THE EXCEPTIONS TO THE CBDT CIRCULAR NO.17 OF 2019 FIXIN G THE MONETARY LIMITS FOR FILING OF APPEALS BEFORE VARIOU S FORUMS, I.E. THE ISSUE INVOLVED IS CAPITAL GAIN ON PENNY STOCK. 2. THE LEARNED DR RELIED UPON THE CBDT CIRCULAR NO. 23 OF 2019 FOR RECALL OF THE ORDER OF THE TRIBUNAL. SI NCE THIS CASE HAS BEEN DISMISSED ON ACCOUNT OF LOW TAX EFFECT, BUT SI NCE THE ISSUE INVOLVED IS LONG TERM CAPITAL GAIN (LTCG) ON SALE O F PENNY STOCKS, WE ARE INCLINED TO RECALL THE ORDER OF THE TRIBUNAL AND RE-POST THE MA NO 134 OF 2019 UMESH GUPTA HYDERABAD. PAGE 2 OF 2 CASE FOR HEARING ON 15.06.2020. AS THE DATE OF HEAR ING HAS BEEN ANNOUNCED IN THE OPEN COURT, NO FRESH NOTICE NEED B E GIVEN. 3. IN THE RESULT, M.A. FILED BY THE REVENUE IS ALLO WED. ORDER PRONOUNCED IN THE OPEN COURT ON 20 TH JANUARY, 2020. SD/- SD/- (A. MOHAN ALANKAMONY) ACCOUNTANT MEMBER (P. MADHAVI DEVI) JUDICIAL MEMBER HYDERABAD, DATED 20 TH JANUARY, 2020. VINODAN/SPS COPY TO: 1 ASSTT. CIT, CIRCLE 1(1) HYDERABAD 2 SRI UMESH GUPTA, 4-3-72/1/15 KS LANE, SULTAN BAZA R, HYDERABAD 500029 3 CIT (A)-1 HYDERABAD 4 PR. CIT 1 HYDERABAD 5 THE DR, ITAT HYDERABAD 6 GUARD FILE BY ORDER