In my client case for A.Y. 2014-15, ITAT has granted relief against the addition made by A.O. on account of exemtion from Capital Gain claimed earned on Penny Stock.
\nThereafter, I.Tax deaprtment filed MA against the decision of ITAT. The same is pending till date.<\/p>\n
In the next A.Y. 2015-16, the identical exemption on Capital Gain claimed by assess was disallowed by A.O. and confirmrd by CIT(A).<\/p>\n
The assessee has opted payment of tax for A.Y. 2015-16 under Vivad Se Vishwas Scheme.<\/p>\n
He is interested to pay tax under Vivad Se Vishwas Scheme on A.Y. 2014-15 to avoid any disallownce by ITAT later on by restoring the appeal of A.Y. 2014-15,and reversing the decision, though its chances are very remote.<\/p>\n
Kindly give your considered view, who the interest of assessee can be protected in the worst scenario.
\nCa P K gupta <\/p>\n","protected":false},"excerpt":{"rendered":"
In my client case for A.Y. 2014-15, ITAT has granted relief against the addition made by A.O. on account of exemtion from Capital Gain claimed earned on Penny Stock. Thereafter, I.Tax deaprtment filed MA against the decision of ITAT. The same is pending till date. In the next A.Y. 2015-16, the identical exemption on Capital Gain claimed by assess was disallowed by A.O. and confirmrd by CIT(A). The assessee has opted payment of tax for A.Y. 2015-16 under Vivad Se Vishwas Scheme. He is interested to pay tax under Vivad Se Vishwas Scheme on A.Y. 2014-15 to avoid any disallownce by ITAT later on by restoring the appeal of A.Y. 2014-15,and reversing the decision, though its chances are very remote. Kindly give your considered view, who the interest of assessee can be protected in the worst scenario. Ca P K gupta<\/p>\n