2023 (4) TMI 391

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....18 dated 15.8.2019 for the assessment year 2014-15. The revenue has raised the following substantial questions of law for consideration:- i) Whether in the facts and circumstances of the case and in law, the ITAT had erred and failed to appreciate that the assessee could not substantiate the genuineness of the transaction to prove that it had not indulged in dubious share transactions meant to account for undisclosed income in the garb of Long Term Capital Gain (LTCG) to claim exemption u/s. 10(38) of the Income Tax Act, 1961 ? ii) Whether in the facts and circumstances of the case and in law the ITAT had erred while allowing the assessee's appeal of claim of exemption u/s 10(38) of the Income Tax Act, 1961 without holding....

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....19/- (the disputed amount of tax as per demand notice by the revenue being Rs.5,27,838/-) on the income assessed by the revenue vide assessment order dated 20.12.2016 without including any interest or penalty along with interest received by the petitioner under Section 244A of the Income Tax Act of Rs.89,170/-. The assessment which is the subject matter of consideration in this appeal is of the year 2014-2015. Similar issue arose for the assessment year 2012-2013 and the assessment was completed by rejecting the case of the assessee. Aggrieved by the same, the assessee preferred the appeal before the Commissioner of Income Tax (Appeals), Kolkata which was allowed. The revenue did not challenge the said order before the learned Tribunal. How....

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....sessee should not be non-suited for the default committed by the revenue in nor preferring the appeal within the period of limitation. Identical issue arose for consideration before the High Court of Delhi in the case of I.A. Housing Solution Private Limited vs. Principal Commissioner of Income Tax 4 & Others in WPC No.3560 of 2022 etc. dated November 2, 2022 and the Hon'ble Division Bench by the said order allowed the writ petition and directed the revenue to accept declaration/application forms in Form 1 and 2 filed by the assessee as valid declaration/application within a time frame and accept the balance disputed amount as stipulated by them under the provisions of the Scheme. Thus, in the light of the above, the appeal stands dispos....