Pr. CIT v. Harish Kumar (HUF)

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The Tax Publishers2023 TaxPub(DT) 4164 (Del-HC) IN THE DELHI HIGH COURT MANMOHAN & MANMEET PRITAM SINGH ARORA J.J. Pr. CIT v. Harish Kumar (HUF) ITA 64/2020 & CM Appl. 4426/2020 (for condonation of delay) 25 May, 2023 Appellant by: Sanjay Kumar, Advocate with Easha Kadian, Advocate Respondent by: None JUDGMENT *Manmeet Pritam Singh Arora, J:* CM APPL. 4426/2020 (for condonation of delay) This is an application filed on behalf of applicant/appellant under Section 5 of the Limitation Act, 1963 seeking condonation of delay of 06 (six) days in filing the present appeal. For the reasons mentioned in the application, the delay of 06 (six) days in filing the present appeal stands condoned. The application stands disposed of accordingly. ITA 64/2020 1. Present Income-tax Appeal has been filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the final judgment and order dated 19-8-2019 passed by the Income Tax Appellate Tribunal (in short the Tribunal) in ITA No. 1469/Del/2019. BRIEF FACTS: 2. M/s Harish Kumar HUF i.e. the Respondent/Assessee (hereinafter referred to as Respondent) filed its return of income for Assessment Year 2015-16 under Section 139(1) of the Act. In the said return, the Respondent disclosed that it had suffered a loss from the business of trading in derivatives. The Respondent had adjusted the Short Term Capital Loss (hereinafter referred to as STCL) of Rs.31,15,27,183 with Long Term Capital Gain (hereinafter referred to as LTCG) to Rs.32,58,81,104 from the sale of equities and declared income of Rs.1,43,53,921 under the head Income from Capital Gains. The return further declared the income of interest from saving bank account and fixed deposit receipts of Rs.3,68,077. The Respondent claimed exemption under Section 10 of the Act. 3. The case of the Respondent was selected for Limited Scrutiny through Computer Assisted Scrutiny Selection (in short CASS). During assessment proceedings, the Respondent was directed to provide complete details of all unique equities along with the details of all unique sales. The Respondent was directed to furnish complete details of STCG and loss. The Respondent furnished the requisite details. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2023 TaxPub(DT) 4164 (Del-HC)

IN THE DELHI HIGH COURT

MANMOHAN & MANMEET PRITAM SINGH ARORA J.J.

Pr. CIT v. Harish Kumar (HUF)

ITA 64/2020 & CM Appl. 4426/2020 (for condonation of delay)

25 May, 2023

Appellant by: Sanjay Kumar, Advocate with Easha Kadian, Advocate

Respondent by: None

JUDGMENT

Manmeet Pritam Singh Arora, J:

CM APPL. 4426/2020 (for condonation of delay)

This is an application filed on behalf of applicant/appellant under Section 5 of the Limitation Act, 1963 seeking condonation of delay of 06 (six) days in filing the present appeal.

For the reasons mentioned in the application, the delay of 06 (six) days in filing the present appeal stands condoned.

The application stands disposed of accordingly.

ITA 64/2020

1. Present Income-tax Appeal has been filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the final judgment and order dated 19-8-2019 passed by the Income Tax Appellate Tribunal (in short the Tribunal) in ITA No. 1469/Del/2019.

BRIEF FACTS:

2. M/s Harish Kumar HUF i.e. the Respondent/Assessee (hereinafter referred to as Respondent) filed its return of income for Assessment Year 2015-16 under Section 139(1) of the Act. In the said return, the Respondent disclosed that it had suffered a loss from the business of trading in derivatives. The Respondent had adjusted the Short Term Capital Loss (hereinafter referred to as STCL) of Rs.31,15,27,183 with Long Term Capital Gain (hereinafter referred to as LTCG) to Rs.32,58,81,104 from the sale of equities and declared income of Rs.1,43,53,921 under the head Income from Capital Gains. The return further declared the income of interest from saving bank account and fixed deposit receipts of Rs.3,68,077. The Respondent claimed exemption under Section 10 of the Act.

3. The case of the Respondent was selected for Limited Scrutiny through Computer Assisted Scrutiny Selection (in short CASS). During assessment proceedings, the Respondent was directed to provide complete details of all unique equities along with the details of all unique sales. The Respondent was directed to furnish complete details of STCG and loss. The Respondent furnished the requisite details.