Transfer Pricing) Kolkata vs Rohit Bansal
2022 Latest Caselaw 482 Cal/2

OD-23
                           ITAT/19/2020
               IA No.GA/2/2020 (Old No.GA/713/2020)

                   IN THE HIGH COURT AT CALCUTTA
                 Special Jurisdiction (Income Tax)
                           ORIGINAL SIDE


                                      COMMISSIONER OF INCOME TAX
                                      (INTERNATIONAL TAXATION AND
                                      TRANSFER PRICING) KOLKATA

                                               -Versus-

                                      ROHIT BANSAL

                                                                     Appearance:
                                                           Mr. S. N. Dutta, Adv.
                                                           ...for the appellant.

    BEFORE:
    The Hon'ble JUSTICE T.S. SIVAGNANAM
                -And-
    The Hon'ble JUSTICE HIRANMAY BHATTACHARYYA

    Date : 15th February, 2022.


        The   Court   :   We   have    heard    Mr.   S.   N.   Dutta,   learned

counsel appearing for the appellant/revenue.

        The question of granting stay of the order passed by the

tribunal does not arise at this stage.           Therefore, the application

for stay being GA/2/2020 (Old No.GA/713/2020) stands closed.

        The appeal is admitted and will be heard on the following

substantial question of law:

        (a)   Whether on the facts and circumstances of the case
              and in law the Ld. ITAT was correct in allowing the
              exemption claimed u/s 10 (38) of the Act amounting
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      to Rs.11,15,839/- which was added U/s.68 of the Act
      ?
(b)   Whether on the facts and circumstances of the case
      the   Ld.    ITAT    has       erred    in    law    in   accepting      the
      capital gains on account of sale of shares of a
      company with no worth sold at extraordinarily high
      price as genuine, relying on documents created to
      give colour of genuineness to bogus transaction ?
(c)   Whether on the facts and circumstances of the case
      and in law the Ld. ITAT was correct in allowing the
      exemption claimed by the assessee U/s 10(38) of the
      Act   ignoring      the    facts       that    the    transactions        in
      question      were         not        real     and        beyond     human
      probabilities ?
(d)   Whether on the facts and circumstances of the case
      the   Ld.    ITAT,    Kolkata          has    erred   in    law     by   not
      following the judgment of Ld. ITAT, SMC Bench, and
      New Delhi in ITA No.3809/DEL/2018 for the Assessment
      Year 2015-16 in the case of Anip Rastogi and ITA
      No.3810/DEL/2018 dated 8.1.2019 duly recorded in its
      order which has similar facts and same law applied;
      without      referring           it      Special          Bench      and/or
      distinguishing the facts, circumstances and/or the
      law applicable ?
(e)   Whether on the facts and circumstances of the case
      the Ld. ITAT, Kolkata has erred in law in accepting
      the Capital Gains from CCL International Limited as
      genuine while already the Ld. ITAT, Delhi in ITA
      No.3909/DEL/2018          and    3810/DEL/2018        dated       8.10.2019
      in    case     of     Anip        Rastogi       and       Anju      Rastogi
      respectively        held       that     assessee      has     failed      to
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                   substantiate    the     genuineness    of      share   transaction
                   and upheld the addition made by Assessing Officer ?

            The   appellant    shall     file   requisite    number       of   informal

paper book prepared out of Court within 8 (eight) weeks from date

by serving copies thereof on the respondent.

Since the respondent is not represented, let notice of

appeal be issued on him.

Settlement of index and all other formalities are

dispensed with.

Let the appeal being ITAT/19/2020 be listed after 8

(eight) weeks.

(T.S. SIVAGNANAM, J.)

(HIRANMAY BHATTACHARYYA, J.)

S.DasA/s.