ITO, Ward- 9(1), New Delhi V. Varsha Goel, Delhi

MA 35/DEL/2020

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 2713 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 7 month(s) 26 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 22-09-2022
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: F
• Next Hearing Date: 22-09-2022
• Assessment Year: 2014-2015
• Appeal Filed On: 27-01-2020
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Tax effect; Penny stocks; Capital Gains

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘F’ NEW DELHI BEFORESHRI G.S. PANNU, HON’BLE PRESIDENT AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER M.A. No.35/Del/2020 [Arising out of ITA No.4574/Del/2018] Assessment Year: 2014-15 With ITA No.4574/Del/2018 Assessment Year: 2014-15 ITO, Ward-9(1), New Delhi Vs. VarshaGoel, A-13, Daya Apartments, 8, Sri Ram Road, Civil Lines, New Delhi PAN :AAKPG4378D (Applicant) (Respondent) ORDER PERSAKTIJIT DEY, JM: The present application has been filed by the Revenue seeking recall of order dated 23.08.2019 passed in ITA No.4276/Del/2018. 2. None appeared on behalf of the assessee. We have heard Sh. Sanjay Kumar, learned Departmental Representative. Applicant by Sh. Sanjay Kumar, Sr. DR Respondent by None Date of hearing 23.09.2022 Date of pronouncement 23.09.2022 M.A. No.35/del/2020& ITA No.4574/Del/2018 2 | P a g e 3. Undisputedly, the corresponding appeal of the Revenue, being ITA No.4574/Del/2018 was dismissed by the Tribunal, since, the tax effect on the amount disputed by the Revenue is below the monetary limit of Rs.50 lakhs as per Circular No. 17/2019, dated 08.08.2019 issued by Central Board of Direct Taxes (CBDT). It is the case of the Revenue that the appeal should have been decided on merits as it is protected under the exceptions provided to CBDT Circular No. 17/2019, dated 08.08.2019. In this context, the Revenue has relied upon CBDT Circular No. 23 of 2019, dated 06.09.2019, which includes cases involving bogus long term capital gains from penny stocks. 4. We have heard learned Departmental Representative and perused the materials on record. At the time of hearing, it is observed, the assessee has furnished letter dated 26 th May, 2022 intimating that she had opted for settling the dispute arising in the appeal under the Direct Tax Vivad Se Vishwas Act, 2020 and accepting the declaration, the designated authority has issued Form 5 on 3 rd February, 2022, a copy of Form 5 has been attached to this letter. 5. Thus, considering the fact that the dispute arising in the corresponding appeal stands resolved with issuance of Form 5 M.A. No.35/del/2020& ITA No.4574/Del/2018 3 | P a g e under the Vivad Se Vishwas Scheme, 2020, though, we recall the order dated 23.08.2019 passed in ITA No.4276/Del/2018 and restore the appeal to its original position. However, due to settlement of dispute under the Vivad Se Vishwas Scheme, 2020 the appeal is deemed to have been withdrawn, hence, dismissed. 6. In the result, the miscellaneous application is allowed and appeal in ITA No. 4574/Del/2018 is dismissed. Order pronounced in the open courton 23 rd September, 2022 Sd/- Sd/- (G.S. PANNU) (SAKTIJIT DEY) PRESIDENT JUDICIAL MEMBER Dated: 23 rd September, 2022. RK/- Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR Asst. Registrar, ITAT, New Delhi