Roopchand Khemchand Oswal, Kolhapur V. Income-tax Officer, Ward - 1(2), Kolhapur

ITA 1054/PUN/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5464 (ITAT-PUNE)
• Duration Of Justice: 11 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-05-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Next Hearing Date: 14-05-2019
• Assessment Year: 2004-2005
• Appeal Filed On: 11-06-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: ARISES OUT OF PASSED
• Keywords: Additional evidence

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT . / ITA NO.1054/PUN/2018 / ASSESSMENT YEAR : 2004-05 MR. ROOPCHAND KHEMCHAND OSWAL, 26 C-WARD, GUJARI, KOLHAPUR 416 002 PAN : AABPO1537F VS. ITO, WARD-1(2), KOLHAPUR (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSE D BY THE CIT(A)-1, KOLHAPUR ON 18-04-2018 IN RELATION TO THE AS SESSMENT YEAR 2004-05. 2. THE ASSESSEE IS AGGRIEVED BY THE ORDER PASSED BY THE LD. CIT(A) IN UPHOLDING THE REASSESSMENT ORDER COMPUTING SHOR T TERM CAPITAL GAIN AT RS.15,37,674/-. 3. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT WHILE FINALISIN G THE ASSESSMENT FOR THE A.Y. 2006-07, THE ASSESSING OFFICER ( AO) APPELLANT BY SHRI P. S. SHINGTE RESPONDENT BY SHRI RAJESH GAWALI DATE OF HEARING 16-05-2019 DATE OF PRONOUNCEMENT 17-05-2019 ITA NO.1054/PUN/2018 ROOPCHAND K. OSWAL 2 NOTICED THAT SOME SALE OF PROPERTY WAS SHOWN TO HAVE TAKEN PLACE AND THE SAME WAS SET OFF IN BLOCK OF ASSETS. THE AO FUR THER NOTICED THAT THE SAID PROPERTY WAS ACTUALLY GIVEN POSSESSION ON 19-09 -2003 AND HENCE, THE TRANSACTION WAS LIABLE TO BE CONSIDERED IN TH E YEAR UNDER CONSIDERATION. AFTER GIVING NOTICE U/S.148, THE AO MA DE ADDITION OF RS.15,37,674/- TOWARDS SHORT TERM CAPITAL GAIN ON THE TRANSFER OF THE PROPERTY. THE LD. CIT(A) SUSTAINED THE SA ME. 4. I HAVE HEARD BOTH THE SIDES AND GONE THROUGH THE RELEV ANT MATERIAL ON RECORD. IN SO FAR AS CHALLENGING THE INITIATION O F RE- ASSESSMENT PROCEEDINGS FOR THE YEAR UNDER CONSIDERATION IS CONCERNED, I FIND THAT THE VIEW OF THE AUTHORITIES BELOW IN THIS REGARD IS IN ORDER. THE AO APPARENTLY OBSERVED IN THE C OURSE OF FINALISATION OF THE ASSESSMENT FOR THE A.Y. 2006-07 THAT THE PROPERTY WAS SOLD IN THE FINANCIAL YEAR RELEVANT TO THE ASSESSMENT YE AR UNDER CONSIDERATION. HE DID NOT CONSIDER THAT AMOUNT FOR THE PURP OSES OF CAPITAL GAIN IN THE FINALIZATION OF ASSESSMENT FOR THE A.Y. 2006 -07 BUT BROUGHT IT FOR TAXATION IN THE YEAR UNDER CONSIDERATION. AS SUCH, THE REASONS FOR INITIATION OF RE-ASSESSMENT CANNOT BE FAULTED WITH. IN FACT, NO ARGUMENT WAS ADVANCED BY THE LD. AR ON THIS ISSUE . THIS GROUND IS, THEREFORE, DISMISSED. ITA NO.1054/PUN/2018 ROOPCHAND K. OSWAL 3 5. ON MERITS, THE LD. AR FILED CERTAIN ADDITIONAL EVIDENCE TO STRENGTHEN HIS CASE. IT WAS SUBMITTED THAT THE RELEVANT MATERIA L NOW FILED IN THE SHAPE OF ADDITIONAL EVIDENCE HAS A GREAT BEARING ON THE DECISION ON THE ISSUE UNDER CONSIDERATION. THIS ARGUMENT WAS NOT CONTROVERTED BY THE LD. DR. WITHOUT GOING INTO THE MERITS OF ADDITION, I SET-ASIDE THE ORDER AND REMIT THE MATTER TO THE FILE OF AO FOR DECIDING IT AFRESH AS PER LAW AFTER ALLOWING REASONABLE OPPORTUNITY TO THE ASSESSEE. 6. IN THE RESULT, THE APPEAL IS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH MAY, 2019. SD/- (R.S.SYAL) / VICE PRESIDENT PUNE; DATED : 17 TH MAY, 2019 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-1, KOLHAPUR 4. THE PR. CIT-1, KOLHAPUR 5. , , SMC / DR SMC, ITAT, PUNE; 6. / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE ITA NO.1054/PUN/2018 ROOPCHAND K. OSWAL 4 DATE 1. DRAFT DICTATED ON 16-05-2019 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 16-05-2019 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *