Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad V. Alpha Villas Private Limited, Hyderabad

ITA 1106/Hyd/2017

AI Insights

The case involves appeals by the Revenue against the decision regarding the computation of short term capital gains from the transfer of shares by Alpha Villas Pvt Ltd. The main contention was about the treatment of certain costs as the cost of acquisition of shares. The Revenue sought to restore the short term capital gains as computed in the assessment order which restricted the cost of acquisition. The tribunal, after hearing the arguments, decided to allow the appeals for statistical purposes, referencing a similar previous case (ITA No.1106/Hyd/2017) where the Revenue's grounds were accepted.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 129496 (ITAT-HYDERABAD)
• Duration Of Justice: 5 year(s) 11 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-06-2023
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: DB-B
• Next Hearing Date: 04-06-2023
• Assessment Year: 2011-2012
• Appeal Filed On: 27-06-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Cost of acquisition; Capital Gains
• Section: 22

Judgement Text

ITA Nos 1106 and 1107 of 2017 Alpha Villas Pvt Ltd Page 21 of 22 2007-08, the same cannot be treated as cost of acquisition of shares while computing short term capital gains from transfer of subject shares. (v) The appellant craves leave to add, delete, substitute and amend any ground of appeal before and/or at the time of hearing of the appeal. (vi) For these and other grounds that may be urged before/at the time of hearing of the appeal, it is prayed that the short term capital gains as computed in the assessment order restricting the cost of acquisition be restored.” 16. After hearing both sides, we find the grounds raised by the Revenue are identical to the grounds of appeal raised by the Revenue in ITA No.1106/Hyd/2017 for the A.Y 2011-12. We have already decided the issue and the grounds raised by the Revenue have been allowed for statistical purposes. Following similar reasonings, the grounds raised by the Revenue are allowed for statistical purposes. 17. In the result, both the appeals filed by the Revenue are allowed for statistical purposes. Order pronounced in the Open Court on 12 th June, 2023. SD/- SD/- (K. NARASIMHA CHARY) JUDICIAL MEMBER (R.K. PANDA) ACCOUNTANT MEMBER Hyderabad, dated 12 th June, 2023 Vinodan/sps ITA Nos 1106 and 1107 of 2017 Alpha Villas Pvt Ltd Page 22 of 22 Copy to: S.No Addresses 1 Dy. CIT, Circle 1(1) Room No.836, 8 th Floor, C Block IT Towers, AC Guards, Masab Tank, Hyderabad 2 M/s. Alpha Villas (P) Ltd., Plot No.202, D-19 Gayatri Arcade, Vikram Puri, Secunderabad 3 Pr.CIT -1 ,Hyderabad 4 Pr. CIT-, Hyderabad 5 DR, ITAT Hyderabad Benches 6 Guard File By Order