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INCOME TAX APPELLATE TRIBUNAL (CHENNAI BENCH)
Aby T. Varkey, JM, Amitabh Shukla, AM
The ACIT, Non-Corporate Ward-14(1), Chennai. – Appellant
Versus
Shri S.P.Velayutham – Respondent
| Table of Content |
|---|
| 1. nature of the appeal and the assessment context. (Para 1 , 4 , 6) |
| 2. arguments addressing the validation of assessments. (Para 2 , 3 , 7) |
| 3. court's reasoning on ownership and taxation validity. (Para 9 , 10 , 12) |
| 4. conclusion affirming the dismissal of appeal based on legal grounds. (Para 11) |
आदशे/ORDER
PER ABY T. VARKEY, JM:
This is an appeal preferred by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals)-12, (hereinafter in short ‘the Ld.CIT(A)’), Chennai, dated 26.03.2019 for the Assessment Year (hereinafter in short ‘AY’) 2008-09.
2. The grounds raised by the Revenue are as under:
2. The Learned CIT(A) erred in deleting the addition of Short Term Capital Gain (STCG) of Rs.1,47,72,20,000/- made on protective basis.
2.1 The Learned CIT(A) ought to have appreciated the fact that the issue has not reached finality and the appeal by assessee pending before ITAT.
3. None appeared for the assessee on the date of hearing. In this context, we note that when the matter were listed earlier, more particularly when it was listed on 10.06.2024, the assessee was represented by Shri Saroj Kumar Parida, Advocate, for the assessee, who asked for adjournm
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