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TMI Blog2023 (4) TMI 391X X X X Extracts X X X X X X X X Extracts X X X X ..... e. HELD THAT:- Assessee should not be non-suited for the default committed by the revenue in nor preferring the appeal within the period of limitation. Identical issue arose for consideration before in the case of I.A. Housing Solution Private Limited vs. Principal Commissioner of Income Tax 4 Others [ 2022 (11) TMI 1308 - DELHI HIGH COURT] as allowed the writ petition and directed the revenue to accept declaration/application forms in Form 1 and 2 filed by the assessee as valid declaration/application within a time frame and accept the balance disputed amount as stipulated by them under the provisions of the Scheme. Thus, appeal stands disposed of with a direction to the respondent to file the requisite application under the Schem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt for undisclosed income in the garb of Long Term Capital Gain (LTCG) to claim exemption u/s. 10(38) of the Income Tax Act, 1961 ? ii) Whether in the facts and circumstances of the case and in law the ITAT had erred while allowing the assessee s appeal of claim of exemption u/s 10(38) of the Income Tax Act, 1961 without holding that transaction of sale and purchase of shares of penny stock companies was an adventure in nature of trade, thus, same was to be taxed as business income? iii) Whether in the facts and circumstances of the case, the order of the ITAT is perverse in overlooking that it is the duty of the Tribunal to scratch surface and probe documentary evidence in depth in light of-conduct of assessee and other surroundi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue arose for the assessment year 2012-2013 and the assessment was completed by rejecting the case of the assessee. Aggrieved by the same, the assessee preferred the appeal before the Commissioner of Income Tax (Appeals), Kolkata which was allowed. The revenue did not challenge the said order before the learned Tribunal. However, the assessee thought it fit to avail the benefit of Vivad Se Vishwas Scheme 2020 and an application was filed by the assessee. The said application was accepted and form 5 was issued and the assessee had also remitted the required tax amount in terms of the conditions stipulated under the scheme. As a consequence thereof an order under Section 250 of the Act dated 18.2.2021 was passed by the Commissioner of Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the writ petition and directed the revenue to accept declaration/application forms in Form 1 and 2 filed by the assessee as valid declaration/application within a time frame and accept the balance disputed amount as stipulated by them under the provisions of the Scheme. Thus, in the light of the above, the appeal stands disposed of with a direction to the respondent to file the requisite application under the Scheme within a period of ten days from the date of receipt of the server copy of this application and such application shall be deemed to have been presented well before the last date on which the benefit of the Scheme had come to an end and the application shall be processed and the requisite forms be issued so as to enable the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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