VIMAL KUMAR MANTRI HUF THROUGH KARTA SHRI AMIT KUMAR MANTRI,JAIPUR V. INCOME TAX OFFICER WARD - 4(3), JAIPUR

ITA 29/JPR/2024

AI Insights

The case involves Vimal Kumar Mantri HUF Thr. Karta Shri Amit Kumar Mantri, who was the appellant, contesting an assessment order for the assessment year 2014-15. The Income Tax Officer, Ward-4(3), Jaipur, was the respondent. The dispute arose from a survey/search operation by the Income Tax Department's Investigation Wing, which uncovered transactions leading to long-term capital gains and unexplained expenditures. Initially, the CIT(A) upheld the assessment order, which included significant additions to the appellant's income. However, the appellant decided to withdraw the appeal in light of opting for the Vivad Se Vishwas Scheme, 2024, aimed at resolving tax disputes.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 47157 (ITAT-JAIPUR)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-04-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ANITA RINES H
• Assessee Lawyers: TARUN MITTAL
• Keywords: Unexplained expenditure; Capital Gains; Competent authority
• Section: 147; 144; 250; 69C

Judgement Text

" vk;dj vihyh; vf/kdj.k] t;iqj U;k;ihB] t;iqj IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A-Bench” JAIPUR Jh xxu xks;y] ys[kk lnL; ,oa Jh ujsUnz dqekj] U;kf;d lnL; ds le{k BEFORE: SHRI GAGAN GOYAL, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA No. 29/JPR/2024 fu/kZkj.k o\"kZ@Assessment Year : 2014-15 Vimal Kumar Mantri HUF Through Karta Shri Amit Kumar Mantri 166, Radha Govind Colony, Dehar Ke Balaji, Jaipur. cuke Vs. Income Tax Officer, Ward-4(3), Jaipur. LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.:AACHV0973P vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksjls@Assesseeby : Shri Tarun Mittal, C.A. jktLo dh vksjls@Revenue by: Mrs. Anita Rinesh, JCIT-DR lquokbZ dh rkjh[k@Date of Hearing : 03/04/2025 mn?kks\"k.kk dh rkjh[k@Date of Pronouncement: 07/04/2025 vkns'k@ORDER PER: NARINDER KUMAR, JUDICIAL MEMBER . On 29.11.2023, Learned CIT(A), NFAC, vide impugned order passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”), relating to the assessment year 2014-15, dismissed the appeal filed by the assessee and thereby upheld the assessment order dated 29.12.2017, 2 ITA No. 29/JPR/2024 Vimal Kumar Mantri HUF Thr. Karta Shri Amit Kumar Mantri passed by the Assessing Officer, u/s 147 r.w.s. 144 of the Act, whereby its total income was computed as under:- “Total income as per return Rs. 1,04,590/- Addition u/s 68 Rs. 68,48,094/- Addition u/s 69C Rs. 4,41,888/- Total income Rs. 73,94,572/- R/O Rs. 73,94,570/-“ 2. As is available from the assessment order, it is stated to be a case of survey/ search operation conducted by the Investigation Wing of Income Tax Department, which led to discovery of transactions of purchase/sale of shares, leading to long term capital gains, to the tune of Rs. 68,48,094/-, and also to the unexplained expenditure to the tune of Rs. 4,41,888/- found to have been paid by the assessee by way of commission @ 6% of the sale value of the shares of M/s First Financial Services Limited. 3. Today, when the appeal has been taken up for hearing, Ld. AR for the appellant has submitted an application seeking withdrawal of this appeal on the ground that the assessee has opted to avail of benefit of Direct Tax under Vivad Se Vishwas Scheme, 2024. 4. With the above said application seeking withdrawal of appeal, copy of Form No. 1 submitted before the competent authority has been furnished. Form No. 2 is still awaited, as mentioned in the application. 3 ITA No. 29/JPR/2024 Vimal Kumar Mantri HUF Thr. Karta Shri Amit Kumar Mantri 5. Ld. DR for the appellant-applicant submits that in view of the fact that the assessee has opted for the above said Scheme-2024, this appeal be dismissed as having been withdrawn. 6. In view of the above submission, this appeal is hereby dismissed as having been withdrawn. However, it is made clear that in case no settlement is arrived at between the parties, the appellant shall be at liberty to apply for revival of the appeal by moving appropriate application, in accordance with law. 7. Registry to give a note on the index about withdrawal of this appeal with the liberty given, so that the record may be preserved, in accordance with rules. File be consigned to the record room after the needful is done by the office. Order pronounced in the open court on 07/04/2025. Sd/- Sd/- ¼xxu xks;y½ ¼ujsUnz dqekj½ (GAGAN GOYAL) (NARINDER KUMAR) ys[kk lnL; @Accountant Member U;kf;d lnL;@Judicial Member Tk;iqj@Jaipur fnukad@Dated:- 07/04/2025 *Santosh vkns'k dh izfrfyfi vxzsf’kr@Copy of the order forwarded to: 4 ITA No. 29/JPR/2024 Vimal Kumar Mantri HUF Thr. Karta Shri Amit Kumar Mantri 1. The Appellant- Vimal Kumar Mantri HUF Thr. Karta Shri Amit Kumar Mantri, Jaipur. 2. izR;FkhZ@ The Respondent- ITO, Ward-4(3), Jaipur. 3. vk;dj vk;qDr@ The ld CIT 4. foHkkxh; izfrfuf/k] vk;dj vihyh; vf/kdj.k] t;iqj@DR, ITAT, Jaipur 5. xkMZ QkbZy@ Guard File ITA No. 29/JPR/2024) vkns'kkuqlkj@ By order, lgk;d iathdkj@Asstt. Registrar "