ACIT, CIRCLE- 4(2), NEW DELHI v. NAVEL KISHORE GUPTA, NEW DELHI

ITA 159/DEL/2018 | 2014-2015
Pronouncement Date: 15-03-2021 | Result: Dismissed

Appeal Details

RSA Number 15920114 RSA 2018
Assessee PAN AETPG1792C
Bench Delhi
Appeal Number ITA 159/DEL/2018
Duration Of Justice 3 year(s) 2 month(s) 9 day(s)
Appellant ACIT, CIRCLE- 4(2), NEW DELHI
Respondent NAVEL KISHORE GUPTA, NEW DELHI
Appeal Type Income Tax Appeal
Pronouncement Date 15-03-2021
Appeal Filed By Department
Order Result Dismissed
Bench Allotted E
Tribunal Order Date 15-03-2021
Last Hearing Date 15-03-2021
First Hearing Date 15-03-2021
Assessment Year 2014-2015
Appeal Filed On 05-01-2018
Judgment Text
ITA NO:- 159/DEL/2018 PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: E: NEW DELHI) (THROUGH VIDEO CONFERENCING) BEFORE SHRI SUDHANSHU SRIVASTAVA JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA ACCOUNTANT MEMB ER ITA NO:- 159/DEL/2018 ( ASSESSMENT YEAR: 2014-15) ASSTT. COMMISSIONER OF INCOME TAX CIRCLE-4(2) NEW DELHI VS . SHRI. NAVEL KISHORE GUPTA AG-402 SHALIMAR BAGH DELHI-110006 APPELLANT RESPONDENT PAN NO: AET PG1792C REVENUE BY : MS. RAKHI VIMAL SR. DR ASSESSEE BY : SHRI. SATYAJEET GOEL CA PER ANADEE NATH MISSHRA AM (A) THE AFOREMENTIONED APPEAL IN THE CASE OF THE REVEN UE IS TAKEN UP TOGETHER FOR THE SAKE OF CONVENIENCE AND BREVITY; A ND ARE HEREBY DISPOSED OFF THROUGH THIS ORDER. GROUNDS TAKEN IN THIS APPE AL OF REVENUE ARE AS UNDER: 1. WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES O F THE CASE AND IN LAW THE LD. CIT(A) HAS ERRED IN DELETING THE ADDITION M ADE ON ACCOUNT OF UNEXPLAINED CASH CREDIT OF RS. 1 68 09 388/- U/S 68 OF THE I.T. ACT 1961 WITHOUT APPRECIATING THE FACT THAT: A) THE FINANCIAL RESULT AND GRAPH SHOWING ARTIFICIAL I NCREASE OF SHARE ITA NO:- 159/DEL/2018 PAGE 2 OF 4 PRICE OF M/S ECO FRIENDLY FOOD PROCESSING PART LIMIT ED WHICH HAS BEEN EVIDENCED FROM THE TRADING DETAILS VERIFIED BY SEBI ON BSE EXCHANGE.] B) THE BENEFIT OF LTCG WAS PROVIDED TO PREFERENTIAL AL LOTEES/PRE IPO TRANSFEREES SO AS TO CONVERT UNACCOUNTED INCOME INT O ACCOUNTED ONE WITH NO PAYMENT OF TAXES AS LTCG IS TAX EXEMPT. C) THE ASSESSEE HAS PURCHASED SHARES OF M/S ECO FRIENDL Y FOOD PROCESSING PARK LIMITED AT RS. 99 000/- DURING FY 20 12-13 AND THE SAME WAS SOLD AT RS. 1 69 08 388/- DURING FY 2014-15 WHICH IS 16979% OF RETURNS WHEREAS THE NORMAL RETURNS ON INV ESTMENT ARE 7.80% FOR FY 2012-13 AND 18.70% FOR FY 2014-15 FOR BSE/SENSEX. D) THE STRONG PERFORMANCE OF M/S ECO FRIENDLY FOOD PROC ESSING PARK LTD WITHOUT HAVING ANY SUPPORTING FINANCIAL RESULTS ITSELF IS A CIRCUMSTANTIAL EVIDENCE TO SHOW THAT LTCG IS NOT GE NUINE. 2. THE APPELLANT CRAVES LEAVE FOR RESERVING THE RIG HT TO AMEND MODIFY ALTER ADD OR FOREGO ANY GROUND(S) OF APPEAL AT ANY TIME BEFORE OR DURING THE HEARING OF THE APPEAL. (B) AT THE TIME OF HEARING AT THE OUTSET THE LEARNED COUNSEL FOR THE ASSESSEE INFORMED US THAT THE ASSESSEE HAS OPTED TO SETTLE T HE AFOREMENTIONED APPEALS UNDER VIVAD SE VISHWAS SCHEME 2020 (VSVS FOR SHORT) AND THA T THE ASSESSEE HAS ALREADY FILED THE RELEVANT FORMS. THE LD. COUNSEL FOR ASSESSEE ALS O DREW OUR ATTENTION TO LETTER DATED 13 TH MARCH 2021 FILED IN INCOME TAX APPELLATE TRIBUNAL (ITAT FOR SHORT) GIVING INTIMATION FOR THE SAME AND REQUESTING TO WITHDRAW THIS APPEA L. (B.1) AT THE TIME OF HEARING BEFORE US THE LD. COUNSEL F OR ASSESSEE AS WELL AS THE LEARNED SENIOR DEPARTMENTAL REPRESENTATIVE (LD. SR . DR FOR SHORT) SUBMITTED BEFORE US THAT THIS APPEAL MAY BE TREATED AS WITHDRAWN AND MA Y BE DISMISSED ON ACCOUNT OF THE AFORESAID VSVS. AFTER DUE CONSIDERATION AND IN V IEW OF THE FOREGOING; AND AS BOTH SIDES HAVE AGREED TO THIS; WE ARE OF THE VIEW THAT THIS A PPEAL HAS BECOME INFRUCTUOUS AND WE ITA NO:- 159/DEL/2018 PAGE 3 OF 4 TREAT THIS APPEAL AS WITHDRAWN ON ACCOUNT OF THE AF ORESAID VSVS. ACCORDINGLY THIS APPEAL HAVING BECOME INFRUCTUOUS ARE HEREBY DISMISSED AS WITHDRAWN SUBJECT TO SETTLEMENT OF THE DISPUTES IN THE APPEALS UNDER THE AFORESAID VSV S. (C) BEFORE WE PART WE HEREBY CLARIFY BY WAY OF AB UNDANT CAUTION THAT IF FOR SOME REASON THE DISPUTES UNDER THESE APPEALS BEFORE US ARE NOT SETTLED UNDER THE AFORESAID VSVS THEN THE ASSESSEE WILL BE AT LIBERTY TO APPRO ACH ITAT FOR RESTORATION OF THESE APPEALS IN ACCORDANCE WITH LA W. (D) IN THE RESULT THE APPEAL IS DISMISSED. THIS ORDER HAS BEEN ALREADY PRONOUNCED ON 15 TH MARCH 2021 IN OPEN COURT IN THE PRESENCE OF REPRESENTATIVES OF BOTH SIDES; AFTE R CONCLUSION OF THE HEARING. SD/- SD/- (SUDHANSHU SRIVASTAVA) (ANADEE NAT H MISSHRA) JUDICIAL MEMBER ACCOUNTANT MEM BER DATED: 15/03/2021 SH COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI ITA NO:- 159/DEL/2018 PAGE 4 OF 4