IN THE INCOME TAX APPELLATE TRIBUNAL DELHI “A” BENCH: NEW DELHI BEFORE SHRI YOGESH KUMAR U.S, JUDICIAL MEMBER &

SHRI MANISH AGARWAL, ACCOUNTANT MEMBER [Assessment Year : 2020-21]

Bigstar Hotels Resorts Pvt.Ltd., vs Income Tax U-2, 3rd Floor, Green park Department Faceless Main, Delhi-110016. Assessment, PAN-AADCB7076K Delhi-110001. APPELLANT RESPONDENT Appellant by Shri Mahesh Kumar, CA, Ms. Meenal Goyal, CA & Ms. Vidhi Mahajan, Adv.

Respondent by Shri Ajay Kumar Arora, Sr.DR Date of Hearing 07.07.2025 Date of Pronouncement 25.07.2025 ORDER PER MANISH AGARWAL, AM :

The present appeal is filed by the assessee against the order dated 09.07.2024 passed by Ld. Commissioner of Income Tax (A), National Faceless Appeal Centre (“NFAC”), Delhi [“Ld.CIT(A)”] in Appeal No.NFAC/2019-20/10183384 passed u/s 250 of the Income Tax Act, 1961 [“the Act”] arising from the assessment order dated 29.09.2022 passed u/s 143(3) r.w.s 144B of the Act pertaining to assessment year 2020-21.

2. Brief facts of the case are that the assessee is a company, engaged in the business of repair and maintenance services and filed its return of income on 02.02.2021, declaring total income at INR 27,830/-. The case of the assessee was selected for limited scrutiny assessment wherein one of the issues is of large capital gain set off against large capital loss. During the course of assessment proceedings, AO observed that assessee has shown lower sale price of the shares of one company i.e. M/s. Apex Homes Pvt. Ltd. whose shares were sold by the assessee during the year on which short term capital loss of INR 5,47,28,550/- and long term loss of INR 10,64,222/- was claimed. As per AO, assessee has purchased shares of this company on 28.03.2019 at a price of INR 181/- per share however, at the time of sales, the price charged was INR 10/- only and the assessee claimed that the value per share at the time of sales was valued at INR (-) 546.68 thus the assessee has sold these shares at the book value of INR 10/- per share. In support, assessee filed report of the merchant banker namely M/s. Finshore Management Services Ltd., Kolkata who valued the shares of M/s. Apex Homes Pvt. Ltd. at the time of sale of shares. After considering the submissions and the facts, the AO re-valued the shares of the company at INR 180/- per share and accordingly, the amount of capital gains was re-computed. According to which the long-term capital gain was computed at INR 6,85,24,931/- and short term capital gain was computed at INR 16,00,250/-.

3. Against the said order, an appeal was filed before Ld. CIT(A) who vide impugned order dated 09.07.2024, upheld the action of the AO and confirmed the additions made.

4. Aggrieved by the said order of Ld. CIT(A), the assessee preferred the present appeal before the Tribunal where the following grounds of appeal are taken:-

1. “Under the facts and in the circumstances of the case, the Learned Commissioner of Income Tax (A) ("Ld. CIT(A)") vide a non-speaking and un-reasoned order dated 09.07.2024 u/s. 250 of the Income-tax Act, 1961 ("Act") (hereinafter referred to as "1st impugned order") has erred in sustaining the addition made by the Ld. Assessing officer ("AO") vide assessment order dated 29.09.2022 passed u/s. 143(3) r.w.s. 144B of the Act (hereinafter referred to as "2nd impugned order") as the same is bad and untenable in law.

2. That on facts and law, the 1st impugned order passed by the Ld.

CIT(A) dated 09.07.2024 is completely devoid of any reasons and is a non-speaking order, passed after non consideration of the Appellant's detailed submissions on law and on merits in the matter whereby it has held vide Para 4.3 of its order that the documents submitted by the Appellant are mere "colorful devices" sans giving any reasoning for the same.

3. That on facts and in law, the Ld. CIT(A) vide order dated 09.07.2024 failed to appreciate that the additions made by the Ld. AO vide order dated 29.09.2022 amounting to Rs. 7,01,25,181/- (without even mentionin