Narinder Kumar Thakur, New Delhi v. ITO Ward-43 (4), New Delhi

ITA 2230/DEL/2008 | 2004-2005
Pronouncement Date: 19-03-2010 | Result: Allowed

Appeal Details

RSA Number 223020114 RSA 2008
Assessee PAN AABPT6256E
Bench Delhi
Appeal Number ITA 2230/DEL/2008
Duration Of Justice 1 year(s) 9 month(s) 10 day(s)
Appellant Narinder Kumar Thakur, New Delhi
Respondent ITO Ward-43 (4), New Delhi
Appeal Type Income Tax Appeal
Pronouncement Date 19-03-2010
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted E
Tribunal Order Date 19-03-2010
Date Of Final Hearing 01-06-2010
Next Hearing Date 01-06-2010
Assessment Year 2004-2005
Appeal Filed On 09-06-2008
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F: NEW DELHI BEFORE SHRI I.P. BANSAL JUDICIAL MEMBER AND SHRI R.C. SHARMA ACCOUNTANT MEMBER ITA NO. 2230/DEL/2008 ASSESSMENT YEAR: 2004-05 SH. NARINDER KUMAR THAKUR A-2/136 1 ST FLOOR PASCHIM VIHAR NEW DELHI. AABPT6256E VS. ITO WARD 43(4) MAYUR BHAWAN NEW DELHI. (APPELLANT) (RESPONDENT) APPELLANT BY : NONE RESPONDENT BY: SMT. BANITA DEVI NAREEN SR. DR O R D E R PER I.P. BANSAL J.M. THIS IS AN APPEAL FILED BY THE ASSESSEE. IT IS D IRECTED AGAINST THE ORDER OF CIT(A) DATED 26.3.08 FOR A.Y. 2004-05. GR OUNDS OF APPEAL READ AS UNDER: - THE LD. AO HAS ERRED WHILE MAKING ADDITION OF RS. 1 19 550/- TREATING IT AS SHORT TERM CAPITAL GAINS INSTEAD OF LONG TERM CA PITAL GAIN WITHOUT GIVING REASONABLE OPPORTUNITY TO THE APPELLANT. HO WEVER THE DETAIL OF THE DEMAT ACCOUNT HELD BY THE APPELLANT WITH PNB AN D HDFC BANK WAS SUBMITTED TO THE AO ON 25.07.05. (PHOTOSTAT COPY O F THE SAME IS ENCLOSED AS ANNEXURE ). HENCE THE AO HAS STATED WRONGLY THAT NO DETAILS AHD BEEN FILED BY THE APPELLANT. THE AO TO OK THE COST OF THE SHARES AT RS. 10/- PER SHARE WHICH IS WRONG ARBITR ARY AND IRRATIONAL. MOREOVER EVIDENCES FILED WERE NOT TAKEN INTO CONSID ERATION BY CIT APPEAL. THESE COMPANIES ARE LISTED IN STOCK EXCHAN GE AND ISSUES CAME AT PREMIUM IN MOST CASES. THE LD. AO DID NOT APPLY HIS MIND. ON THE ONE HAND HE IS TAKING COST RS. 10/- AND TREATIN G SHORT TERM DENYING 2 ITA NO. 2230/DEL/2008 THE BENEFIT OF LONG TERM SINCE PUBLIC ISSUES CAME L ONG BACK I.E. MORE THAN 4 TO 5 YEARS. 2. NOTICE OF HEARING WAS SENT TO ASSESSEE. HOWEVER NONE WAS PRESENT AT THE TIME OF HEARING OF THIS APPEAL AS T HE MATTER IS SMALL WE PROCEED TO DECIDE THIS APPEAL EX-PARTE QUA THE ASSE SSEE. 3. AS IT CAN BE SEEN FROM THE GROUNDS OF APPEAL IT IS THE CASE OF ASSESSEE THAT WHILE UPHOLDING THE ADDITION OF RS. 1 19 550/- BY TREATING THE SAID AMOUNT AS SALE OF SHARES GIVING RISE TO SH ORT TERM CAPITAL GAIN THE DOCUMENTARY EVIDENCE SUBMITTED BY THE ASSESSEE HAS NEITHER BEEN PROPERLY APPRECIATED BY AO AND CIT(A) AS THERE WAS A LACK OF OPPORTUNITY. IN THE CIRCUMSTANCES AFTER HEARING L D. DR AND AFTER GOING THROUGH THE ASSESSMENT ORDER AND THE ORDER OF CIT(A ) WE CONSIDER IT JUST AND PROPER TO RESTORE THE PRESENT ISSUE TO THE FILE OF AO WITH A DIRECTION TO RE-ADJUDICATE THE SAME AS PER PROVISIO NS OF LAW AFTER GIVING THE ASSESSEE A REASONABLE OPPORTUNITY OF HEARING. W E DIRECT ACCORDINGLY. 4. IN THE RESULT THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES IN THE MANNER AFORESAID. ORDER PRONOUNCED IN THE OPEN COURT ON 19.03.2010 (R.C. SHARMA) ACCOUNTANT MEMBER (I.P. BANSAL) JUDICIAL MEMBER DATED: 19.3.2010 *KAVITA 3 ITA NO. 2230/DEL/2008 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ITAT NEW DELHI. TRUE COPY BY ORDER DEPUTY REGISTRAR