SHIVAJI VITHALRAO NARHARE, LATUR V. ITO, WARD-1, LATUR, LATUR

ITA 1107/PUN/2024

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 0184 (ITAT-PUNE)
• Duration Of Justice: 2 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-08-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 11-08-2024
• Assessment Year: misc
• Appeal Filed On: 19-05-2024
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.1107/PUN/2024 नधा रण वष / Assessment Year : 2015-16 Shivaji Vithalrao Narhare, Plot No.236, Suraya Bungal, Avishkar Housing Society, RTO Office, Babalgaon Roads, Sarola, Latur – 413 512 Maharashtra PAN : AAHPN3610J Vs. Income Tax Officer, Ward-1, Latur Appellant Respondent आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of National Faceless Appeal Centre (NFAC), Delhi dated 08.04.2024 for the assessment year 2015-16. 2. Brief facts of the case are as under : The appellant is an individual, filed the Return of Income for the A.Y. 2015-16 on 24.03.2017 declaring income of Rs.1,96,070/-. Against the said return of income, the assessment was completed by the Assessing Officer vide order dated 27.12.2017 u/s.144 of the Income- tax Act, 1961 (hereinafter also called ‘the Act’) by assessing to tax 50% Assessee by : None Revenue by : Shri Satyajit Mandal Date of hearing : 12.08.2024 Date of pronouncement : 12.08.2024 ITA No.1107/PUN/2024 2 of the interest received on enhanced compensation of Rs.78,26,144/- u/s.56(2)(viii) r.w.s.57(iv) and section 145A(b) of Act. 3. Being aggrieved, an appeal was filed before the CIT(A)/NFAC contending that the interest received is nothing but a compensation on acquisition of the agricultural land, hence not liable to tax. However, the ld. CIT(A)/NFAC placing reliance on the provisions of section 57(iv) r.w.s.56(2)(viii) r.w.s.145A(b) of the Act, confirmed the action of the Assessing Officer. 4. Being aggrieved, the appellant is in appeal before the Tribunal. 5. When the matter was called on, none appeared on behalf of the appellant despite due service of notice of hearing. 6. I heard the ld. Sr. DR and carefully perused the material on record. I find the action of the AO in bringing to tax the interest received on enhanced compensation is in conformity with the provisions of section 57(iv) r.w.s.56(2)(viii) r.w.s.145A(b) of the Act. The ld.CIT(A)/NFAC had rightly confirmed the action of the Assessing Officer. Therefore, I do not find any reason to interfere with the order of the CIT(A)/NFAC. Thus, there is no merit in the grounds of appeal filed by the appellant. 7. In the result, the appeal filed by the assessee is dismissed. Order pronounced on this 12 th day of August, 2024. Sd/- (S. S. VISWANETHRA RAVI) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे / Pune; दनांक / Dated : 12 th August, 2024. Satish ITA No.1107/PUN/2024 3 आदेश क ितिलिप अ ेिषत / Copy of the Order forwarded to : 1. अपीलाथ / The Appellant. 2. यथ / The Respondent. 3. The Pr. CIT concerned 4. िवभागीय ितिनिध, आयकर अपीलीय अिधकरण, “SMC” ब च, पुणे / DR, ITAT, “SMC” Bench, Pune. 5. गाड फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune.