Manish Baid, Kolkata V. ITO, Ward - 22(4), Kolkata , Kolkata

MA 7/KOL/2023

AI Insights

The case involves Manish Baid, the appellant, who filed a miscellaneous application under section 254(2) of the Income Tax Act, 1961, against an order passed by the Income Tax Appellate Tribunal on 10.11.2022. The original appeal was dismissed without consideration of an adjournment petition filed by the assessee, which led to the current application seeking a recall of the Tribunal's order. The Tribunal, referencing the decision in PCIT vs Swati Bajaj & ors., upheld the addition of long-term capital gains as bogus and dismissed the application, emphasizing that the original order was passed after due consideration of the facts and applicable law.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 122921 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 10 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 29-05-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 25-05-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 18-01-2023
• Other Referred Cases: PCIT vs Swati Bajaj & ors. (2022) 446 ITR 56
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 68; 254(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘C’ KOLKATA [Before Dr. Manish Borad, Accountant Member & Shri Sonjoy Sarma, Judicial Member] M.A. No. 7/Kol/2023 Assessment Year : 2014-15 (In ITA 530/Kol/2018) Manish Baid [PAN: ADWPB 8817 D] vs ITO, Ward-22(4), Kolkata Appellant Respondent Date of Hearing 26.05.2023 Date of Pronouncement 30.05.2023 For the Assessee Shri Paras Nath Keshari, FCA For the Revenue Shri Vijay Kumar, Addl. CIT ORDER Per Sonjoy Sarma, JM: The miscellaneous application has been preferred by the assessee u/s 254(2) of the Act praying for recalling the order dated 10.11.2022 passed by the Tribunal in ITA 530/Kol/2018 for A.Y. 2014-15 dated 10.11.2022. 2. In miscellaneous application, the assessee inter alia submitted that while deciding the appeal, the Hon’ble Tribunal has dismissed the appeal filed by the assessee without taking into consideration of the adjournment petition filed by the assessee dated 15.09.2022 before this Tribunal on the date of hearing and due to this reasons, assessee even could not able to file his written submission before the Tribunal on the grounds taken by the assessee. Therefore, he prayed before the bench to recall the order dated 10.11.2022 passed by the Tribunal and give one more opportunity to the assessee to defend his case. 3. On the other hand, ld. DR strongly objected to the submission made by the ld. AR of the assessee and he contended that there is no mistake apparent from the record in terms of section 254(2) of the Act. Therefore, the application filed by the assessee need to be dismissed. 2 MA No. 7/Kol/2023 AY: 2014-15 Manish Baid 4. We have heard the rival submission of the parties and perused the material available on record. We notice that the impugned order has been passed by the Tribunal after due consideration of facts of the case and by respectfully following the Hon’ble Jurisdictional High Court’s order passed in the case of PCIT vs Swati Bajaj & ors. (2022) 446 ITR 56 which was squarely applied in the case of assessee by holding that long term capital gain from sale of equity shares of alleged Penny Stock Co. is bogus and confirmed the addition made by the AO u/s 68 of the Act. Thus, we do not find any infirmity in the order passed by the Tribunal dated 10.11.2022 and we accordingly dismiss the present miscellaneous application filed by the assessee. 5. In the result, miscellaneous application of the assessee is dismissed. Order is pronounced in the open court on 30.05.2023 Sd/- Sd/- (Manish Borad) (Sonjoy Sarma) Accountant Member Judicial Member Dated: 30.05.2023 Biswajit, Sr. PS Copy of the order forwarded to: 1. Appellant- Manish Baid, 3B, Lal Bazar Street, 5th Floor, Kolkata- 700001. 2. Respondent – ITO, Ward-22(4), Kolkata. 3. Ld. CIT 4. Ld. CIT(A) 5. Ld. DR True Copy By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata