Shri Navleen Singh Khanna, New Delhi V. DCIT, New Delhi

CO 378/DEL/2014

• Counselvise Citation: [2017] 123 COUNSELVISE.COM (IT) 2788 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 3 month(s) 6 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 30-03-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 28-03-2017
• Assessment Year: 2008-2009
• Appeal Filed On: 24-12-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: AMIT GOEL
• Section: 10(10D)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : E : NEW DELHI BEFORE SHRI R.S. SYAL, AM & MS SUCHITRA KAMBLE, JM ITA NO.2435/DEL/2014 ASSESSMENT YEAR : 2008-09 DCIT, CENTRAL CIRCLE-10, JHANDEWALAN, NEW DELHI. VS. NAVLEEN SINGH KHANNA, A-14, WESTEND, NEW DELHI. PAN: AAGPK3912K CO NO.378/DEL/2014 (ITA NO.2435/DEL/2014) ASSESSMENT YEAR : 2008-09 NAVLEEN SINGH KHANNA, A-14, WESTEND, NEW DELHI. PAN: AAGPK3912K VS. DCIT, CENTRAL CIRCLE-10, JHANDEWALAN, NEW DELHI. (APPLICANT) (RESPONDENT) ASSESSEE BY : SHRI AMIT GOEL, CA DEPARTMENT BY : SHRI RAJESH KUMAR, SR. DR DATE OF HEARING : 29.03.2017 DATE OF PRONOUNCEMENT : 30.03.2017 ITA NO.2435/DEL/2014 CO NO.378/DEL/2014 2 ORDER PER R.S. SYAL, AM: THIS APPEAL BY THE REVENUE AND THE CROSS OBJECTION BY THE ASSESSEE ARE DIRECTED AGAINST THE ORDER PASSED BY T HE CIT (A) ON 21.01.2014 IN RELATION TO THE ASSESSMENT YEAR 2008- 09. 2. THE ONLY ISSUE RAISED BY THE REVENUE IN ITS APPE AL IS AGAINST THE DELETION OF ADDITION OF RS.52,25,368/- MADE BY THE ASSESSING OFFICER U/S 56(2)(IV) OF THE ACT. 3. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT T HE ASSESSEE RECEIVED A SUM OF RS.52,25,368/- AS SURRENDERED VALUE OF KOTA K SAFE INVESTMENT PLAN KOTAK GUARANTEED GROWTH REPRESENTING MATURI TY VALUE OF KEYMAN LIFE INSURANCE POLICY. THIS AMOUNT WAS RE CEIVED BY THE ASSESSEE AND CLAIMED AS EXEMPT U/S 10(10D) OF THE A CT. THE ASSESSING OFFICER OBSERVED THAT M/S TEGH INTERNATIONAL DEBITE D A SUM OF RS.19,99,701/- FOR ASSESSMENT YEARS 2005-06 AND 200 6-07. SINCE THE PARTNERSHIP FIRM ASSIGNED THIS POLICY TO THE PARTNE RS OF THE FIRM INCLUDING THE ASSESSEE, THE ASSESSING OFFICER HELD THAT THE M ATURITY AMOUNT WAS ITA NO.2435/DEL/2014 CO NO.378/DEL/2014 3 CHARGEABLE TO TAX U/S 56(2)(IV) OF THE ACT. THE LD .CIT(A) DELETED THE ADDITION. 4. AFTER CONSIDERING THE RIVAL SUBMISSIONS AND PERU SING THE RELEVANT MATERIAL ON RECORD, WE FIND THAT SIMILAR ISSUE CAME UP FOR CONSIDERATION BEFORE THE TRIBUNAL IN ANOTHER PARTNER OF THE SAME FIRM, NAMELY, SHRI KAVINDER SINGH KHANNA. VIDE ORDER DATED 31.08.2016, THE TRIBUNAL IN ITA NO.2436/DEL/2014 HAS DECIDED THE ISSUE IN THE A SSESSEES FAVOUR. A COPY OF SUCH ORDER HAS BEEN PLACED ON RECORD. THE L D. DR FAIRLY ADMITTED THAT THE FACTS AND CIRCUMSTANCES OF THE INSTANT CAS E ARE, MUTATIS MUTANDIS , SIMILAR TO THOSE CONSIDERED AND DECIDED BY THE TRIB UNAL IN THE CASE OF SHRI KAVINDER SINGH KHANNA (SUPRA). RESPECTFULLY F OLLOWING THE PRECEDENT, WE UPHOLD THE IMPUGNED ORDER. 5. THE ASSESSEE DID NOT PRESS ITS CROSS OBJECTION. ITA NO.2435/DEL/2014 CO NO.378/DEL/2014 4 6. IN THE RESULT, THE APPEAL FILED BY THE REVENUE A ND CO OF THE ASSESSEE ARE DISMISSED. THE ORDER PRONOUNCED IN THE OPEN COURT ON 30.03.201 7. SD/- SD/- [SUCHITRA KAMBLE] [R.S. SYAL] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED, 30 TH MARCH, 2017. DK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT AR, ITAT, NEW DELHI.