A.C.I.T.,Circle-1(2), Kolkata V. Mukesh Kumar Khemuka, Kolkata

MA 221/KOL/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 2331 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-03-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 19-11-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Penny stocks
• Section: 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA A BENCH, KOLKATA [BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI ABY T. VARKEY, JUDICIAL MEMBER] M.A. NO. 221/KOL/2019 ARISING OUT OF ITA NO. 1482/KOL/2019 ASSESSMENT YEAR: 2014-15 ACIT, CIRCLE-1(2), KOLKATA................... APPELLANT VS. MUKESH KUMAR KHEMUKA.............................................................................................RESPONDENT [PAN: AFLPK 3693 P] M.A. NO. 222/KOL/2019 ARISING OUT OF ITA NO. 1483/KOL/2019 ASSESSMENT YEAR: 2014-15 ACIT, CIRCLE-1(2), KOLKATA................... APPELLANT VS. RAKESH KUMAR KHEMUKA..............................................................................................RESPONDENT [PAN: AFLPK 3692 N] APPEARANCES BY: SMT. RANU BISWAS, ADL. CIT, SR. DR APPEARED ON BEHALF OF THE REVENUE. NONE APPEARED ON BEHALF OF THE ASSESSEE. DATE OF CONCLUDING THE HEARING : MARCH 13 TH , 2020 DATE OF PRONOUNCING THE ORDER : MARCH 20 TH , 2020 ORDER PER J. SUDHAKAR REDDY, AM : BY THESE MISCELLANEOUS APPLICATIONS THE REVENUE SUBMITS THAT A MISTAKE APPARENT ON RECORD HAS CREPT INTO THE ORDER OF THE TRIBUNAL DATED 28.08.2019 IN ITA NOS. 1482/KOL/2019 & 1483/KOL/2019 FOR AY 2014-15. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE DESPITE ISSUANCE OF NOTICE. UNDER THESE CIRCUMSTANCES, WE DISPOSE OFF THESE CASES EX PARTE ON MERITS AFTER HEARING THE LD. DR. 3. HEARD THE LD. DR. 4. THE CASE OF THE REVENUE IS THAT, THE CBDT VIDE CIRCULAR NO. 23/2019 DATED 06.09.2019 MADE AN EXCEPTION TO MONETARY LIMITS FOR FILING APPEALS, IN THE CASE OF 2 M.A. NOS. 221 & 222/KOL/2019 AOO ITA NOS. 1482 & 1483/KOL/2019 ASSESSMENT YEAR: 2014-15 MUKESH KUMAR KHEMUKA RAKESH KUMAR KHEMUKA. ORGANISED TAX-EVASION SCAM THROUGH BOGUS LONG-TERM CAPITAL GAIN (LTCG)/SHORT TERM CAPITAL LOSS (STCL) WHERE PENNY STOCKS IS INVOLVED. 5. WE FIND THAT THIS CIRCULAR WAS ISSUED ON 06.09.2019 BY THE CBDT AND WHEREAS THE TRIBUNAL HAS PASSED THE ORDER IN QUESTION ON 28.08.2019, I.E. BEFORE THE ISSUANCE OF THE CIRCULAR. THUS, AS ON DATE OF PASSING OF THE ORDER BY THE ITAT, THE VIEW TAKEN IS IN ACCORDANCE WITH LAW. THUS, WE HOLD THAT NO MISTAKE APPARENT ON RECORD HAS CREPT INTO THE ORDER OF THE TRIBUNAL REQUIRING RECTIFICATION. HENCE, WE DISMISS BOTH THE MISCELLANEOUS APPLICATIONS BY THE REVENUE. 6. IN THE RESULT, THESE MISCELLANEOUS APPLICATIONS OF THE REVENUE ARE DISMISSED. KOLKATA, THE 20 TH MARCH, 2020. SD/- SD/- [ABY T. VARKEY] [J. SUDHAKAR REDDY] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 20.03.2020 BIDHAN COPY OF THE ORDER FORWARDED TO: 1. ACIT, CIRCLE-1(2), KOLKATA. 2. MUKESH KUMAR KHEMUKA, 28/1, FLAT 105, SHAKESPEARE SARANI, KOLKATA-700 017. 3. RAKESH KUMAR KHEMUKA, 28/1, SHAKESPEARE SARANI, KOLKATA-700 017. 4. CIT(A)-1, KOLKATA. (SENT THROUGH E-MAIL) 5. CIT- 6. CIT(DR), KOLKATA BENCHES, KOLKATA. (SENT THROUGH E-MAIL) TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES