Long Term Capital Gain as Unexplained Cash Credit u/s 68 of the Income Tax Act

Last updated: 23 September 2021

Save Share

Quick Summary

This Income Tax Appellate Tribunal case involved an appeal concerning long-term capital gains treated as unexplained cash credit. The assessee filed forms under the Vivad Se Vishwas Scheme, which was accepted by the Revenue. Consequently, the appeal has been dismissed.

Court :
ITAT Delhi

Brief :
This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-9, New Delhi, [�Ld. CIT(A)�, for short], dated 12.10.2018 for Assessment Year 2015-16.

Citation :
ITA No:- 8144/Del/2018

IN THE INCOME TAX APPELLATE TRIBUNAL
(DELHI BENCH: ‘B’: NEW DELHI)
(THROUGH VIDEO CONFERENCING)
BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER
AND
SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER
ITA No:- 8144/Del/2018
(Assessment Year: 2015-16)

Mr. Deepak Jain
5334, Basti Harphool Singh,
Delhi-110006

ITO,
Ward-25(2),
New Delhi

Assessee By : None
Revenue By : Md. Gayasuddin Ansari, Sr. DR

This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-9, New Delhi, [“Ld. CIT(A)”, for short], dated 12.10.2018 for Assessment Year 2015-16.

2. At the time of hearing, we took notice of letter dated 04/09/2021 filed by assessee. In this letter it has been intimated from the assessee’s side that the assessee had filed Form -1 and Form-2 under Vivad Se Vishwas Scheme, 2020 (“VSVS”, for short) has been accepted by Revenue; and further, that Form 3 dated 11/12/2020 has issued bydesignated authority under VSVS has been received by the assessee. We have also perused copies of Form-3 and Form-4 under aforesaid VSVS, copies whereof were filed by the assessee alongwith the aforesaid letter dated 04/09/2021.

3. In the result, this appeal is dismissed. This order was already pronounced on 15th September, 2021 in Open Court, in the absence of any representative from assessee’s side, but in the presence of Ld. Sr. DR; after conclusion of the hearing. Now, this written order is signed today on 16/09/2021.

FAQ :

The appeal concerned the treatment of long-term capital gains as an unexplained cash credit under Section 68 of the Income Tax Act.

The Vivad Se Vishwas Scheme is a scheme under which taxpayers can settle tax disputes.

Yes, the assessee filed forms under the Vivad Se Vishwas Scheme, and these were accepted by the Revenue.

The appeal was dismissed as a result of the assessee's participation in the Vivad Se Vishwas Scheme.

Attached File : 1442821_4464_1631792305_8144_2018_deepak_jain_vsvs_assessee_none_.pdf

downloaded 340 times

168 Views Comment Share Income Tax Report

Judgement posted by

Poojitha Raam Vinay

Practice

I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

View Judgements

Comments