The ITO, WARD-3, RAJAHMUNDRY, Rajahmundry V. Smt Chilukuri Satyavathi, Rajahmundry

CO 15/VIZ/2012

• Counselvise Citation: [2014] 122 COUNSELVISE.COM (IT) 9905 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 1 year(s) 11 month(s) 20 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 14-08-2014
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Assessment Year: 2004-2005
• Appeal Filed On: 24-08-2012
• Court: TRIBUNAL
• Department Lawyers: D MANOJ KUMAR

Judgement Text

CO NO.15/VIZAG/2012 CHILUKURI SATYAVATHI, RAJAHMUNDRY IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE: SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER C.O. NO.15/VIZAG/2012 (ARISING OUT OF ITA NO.165/VIZAG/2012) ASSESSMENT YEAR : 2004-05 ITO WARD-3 RAJAHMUNDRY VS. CHILUKURI SATYAVATHI RAJAHMUNDRY (APPELLANT) (RESPONDENT) PAN NO.ADMPC 2103K ASSESSEE BY : SHRI G.V.N. HARI, ADVOCATE REVENUE BY: SHRI D. MANOJ KUMAR, ADDL. CIT DATE OF HEARING : 09.07.2014 DATE OF PRONOUNCEMENT : 14.08.2014 ORDER PER BENCH:- THIS C.O. FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF CIT(A), VISAKHAPATNAM DATED 23.01.2012 FOR ASSESSMENT YEAR 2004-05 AND THE CROSS OBJECTIONS RAISED THEREIN ARE IN SUPPORT OF THE ORD ER OF CIT(A). 2. THE CROSS OBJECTIONS RAISED BY THE ASSESSEE IN T HE C.O. ARE AS FOLLOWS: 1. THE LD. CIT(A) IS JUSTIFIED IN QUASHING THE ASSESSM ENT AS VOID-AB- INITIO. 2. THE LD. CIT(A) IS JUSTIFIED IN HOLDING THAT THE CAP ITAL GAINS ARISING FROM THE DEVELOPMENT AGREEMENT RELATE TO A.Y. 1999- 2000. 3. WITHOUT PREJUDICE TO THE ABOVE, THE CAPITAL GAINS C AN AT THE MOST BE SAID TO HAVE ACCRUED IN THE RESPECTIVE YEARS WHE N THE UNDIVIDED SHARE OF LAND WAS REGISTERED IN FAVOUR OF THE PROSP ECTIVE BUYERS OF FLATS. 4. THE RESPONDENT SHARE BE ENTITLED TO EXEMPTION U/S 5 4F OF IT ACT, 1961. CO NO.15/VIZAG/2012 CHILUKURI SATYAVATHI, RAJAHMUNDRY 2 3. WE HAVE HEARD RIVAL CONTENTIONS, PERUSED THE REC ORD AND GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. AS THE CROSS OBJECTIONS FILED BY THE ASSESSEE ARE IN SUPPORT OF THE ORDER OF THE CIT(A) AND SINCE WE HAVE UPHELD THE ORDER OF THE CIT(A) WHILE ADJUDICATING THE REVE NUES APPEAL IN ITA NO.165/VIZ/2012, THE C.O. FILED BY THE ASSESSEE HAS BECOME INFRUCTUOUS. ACCORDINGLY, THE SAME IS DISMISSED AS INFRUCTUOUS. 4. IN THE RESULT, C.O. FILED BY THE ASSESSEE IS DISM ISSED. PRONOUNCED IN THE OPEN COURT ON 14 TH AUGUST14 SD/- SD/- (SAKTIJIT DEY) (J. SUDHAKAR REDDY) JUDICIAL MEMBER ACCOUNTANT MEMBER KV VISAKHAPATNAM, DATED 14 TH AUGUST, 2014 COPY TO 1 THE ITO WARD-3, RAJAHMUNDRY 2 CHILUKURI SATYAVATHI, W/O CHILUKURI AYYA RAO, D.N O.79-13-13/1, SYAMALANAGAR, RAJAHMUNDRY. 3 THE CIT, RAJAHMUNDRY 4 THE CIT(A), VISAKHAPATNAM 5 THE DR, ITAT, VISAKHAPATNAM. 6 GUARD FILE. BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM