Shri Rajendra G. Desai, Mumbai V. ITO, Wd.-3, Panvel

CO 13/PUN/2007

• Counselvise Citation: [2011] 122 COUNSELVISE.COM (IT) 6479 (ITAT-PUNE)
• Duration Of Justice: 4 year(s) 4 month(s) 2 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 23-09-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 20-09-2011
• Assessment Year: 2001-2002
• Appeal Filed On: 21-05-2007
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S K AMBARTHA
• Keywords: Capital asset
• Section: 54F; 54

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER AND SHRI D.KARUNAKAR RAO, ACCOUNTANT MEMBER C.O. NO. 13 /PN/2007 (ARISING OUT OF ITA NO.1519/PN/2004) ASSESSMENT YEAR: 2001-02 RAJENDRA G. DESAI, ::: APPELLANT C/O. M/S. KOLAKAR & DANDEKAR, CA, EAST & WEST BUILDING, 55, MUMBAI SAMACHAR MARG, FORT,MUMBAI. PA NO.AAOPD 5409 N VS. I.T.O. WARD 3, PANVEL ::: RESPONDENT APPELLANT BY: NONE RESPONDENT BY: SHRI S.K.AMBARTHA DATE OF HEARING: 20 - 9-2011 DATE OF PRONOUNCEMENT: 23 -9-2011 ORDER PER SHAILENDRA KUMAR YADAV, JM THIS CROSS OBJECTION FILED BY THE ASSESSEE ARISES O UT OF ITA NO.1519/PN/2004 FILED BY THE REVENUE AGAINST THE OR DER DATED 18.8.2004 FOR THE ASSESSMENT YEAR 2001-02. 2. THE GROUND RAISED IN THIS CROSS OBJECTION IS IN SUPPORT OF THE ORDER OF THE CIT(A) HOLDING THAT THE LAND SOLD BY T HE ASSESSEE IS LONG TERM CAPITAL ASSET AND IS ENTITLED FOR CLAIM U/S 54 F OF THE ACT. 3. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL ON RECORD. WE FIND THAT THE REVENUE HAD COME IN AP PEAL AGAINST THE ORDER OF THE CIT(A) IN ITA NO.1519/PN/2004 HOLDING THE LAND SOLD BY THE ASSESSEE IS LONG TERM CAPITAL ASSETS AND IS ENTITLED FOR CLAIM U/S. 54F OF THE ACT. WHILE DECIDING THE REVENUES APPEAL, THE 2 TRIBUNAL HAS CONFIRMED THE CIT(A)S ACTION DIRECTIN G THE AO TO ALLOW EXEMPTION U/S.54F OF THE ACT FOR SALE OF ALIBAUG PL OT FOR A CONSIDERATION OF RS.17 LAKHS MADE DURING THE YEAR. SINCE THE CROSS OBJECTION IS IN SUPPORT OF THE ORDER OF THE CIT(A), AND THE CIT(A)S ORDER IS UPHELD BY THE TRIBUNAL, WE DO NOT SEE ANY JUSTIFICATION TO ADJUDICATE THE MATTER. THEREFORE, WE TREAT THE CRO SS OBJECTION AS INFRUCTUOUS. 4. IN THE RESULT, CROSS OBJECTION IS DISMISSED AS I NFRUCTUOUS. DECISION PRONOUNCED ON 23 RD SEPTEMBER 2011. SD/- SD/- (D.KARUNAKAR RAO) (SHAILENDRA KUMAR YADAV) ACCOUNTANT MEMBER JUDICIAL MEMBER PUNE DATED THE 23 RD SEPTEMBER 2011 PARIDA COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) PUNE 4. THE CIT PUNE 5. THE D.R, ITAT PUNE BENCH, PUNE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL