TMI Blog2021 (1) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... see claims that the total purchase of shares to the extent of ₹ 98,34,260/- was for two A.Ys.. This fact is admitted by the Assessing Officer. There was no capital gain arises for A.Y. 2014-15. For the A.Y. 2015-16, the assessee sold the shares and declared the same under Income Declaration Scheme, 2016 and paid the taxes. In such circumstances, this Tribunal is of the considered opinion that the CIT(A) has rightly deleted the entire addition made by the Assessing Officer. Therefore, this Tribunal do not find any reason to interfere with the order of CIT(A). Accordingly, the same is confirmed. - ITA No. 02/JAB/2020 and C.O. No. 2/JAB/2020 - - - Dated:- 31-12-2020 - N.R.S. Ganesan, Member (J) And Sanjay Arora, Member (A) Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e source of investment to the extent of ₹ 50,30,000/- was not explained, therefore, the revenue has taken that ground also. 3. On the contrary, Shri Dhiraj Ghai, the ld. Representative for the assessee submitted that the assessee purchased the shares in two Assessment Years i.e. A.Y. 2014-15 2015-16 for ₹ 98,34,260/-. The assessee has purchased the shares to the extent of ₹ 50,30,000/- during the year 2014-15. The Assessing Officer called for explanation with regard to source of investment for the year under consideration i.e. 2014-15. The assessee explained before the Assessing Officer that 54,000 shares of CCL International was purchased for ₹ 50,31,000/-. The payments were made through banking channel. The as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.Y. 2015-16 and not for A.Y. 2014-15. Furthermore there cannot be any addition for A.Y. 2015-16 also, since the assessee paid the taxes after declaring the LTCG under the Income Declaration Scheme, 2016. 5. We have considered the rival submission on either side and also perused the material available on record. The only issue arises for consideration is assessment of Long Term/Short Term Capital Gain of ₹ 98,34,260/-. The revenue has also taken a ground with regard to investment in the shares to the extent of ₹ 50,30,000/-. During the year under consideration, the material available on record clearly discloses that the assessee has invested in the share of CCL International to the extent of ₹ 50,31,000/-. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tiny report, the copy of which is available on record, clearly indicate that there was no capital gain arises for A.Y. 2014-15. For the A.Y. 2015-16, the assessee sold the shares and declared the same under Income Declaration Scheme, 2016 and paid the taxes. In such circumstances, this Tribunal is of the considered opinion that the CIT(A) has rightly deleted the entire addition made by the Assessing Officer. Therefore, this Tribunal do not find any reason to interfere with the order of CIT(A). Accordingly, the same is confirmed. 7. Now coming to the C.O. of the assessee, the same is filed only to support the order of CIT(A). Since, the order of CIT(A) is confirmed on merit, the C.O. become infructuous. 8. In the result, both the appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
