Shri Rahul V Karad, Pune V. DCIT, Pune

ITA 1282/PUN/2012

• Counselvise Citation: 128224514 RSA 2012
• Duration Of Justice: 1 year(s) 2 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-08-2013
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 11-06-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: K K OJHA
• Assessee Lawyers: S K TYAGI
• Keywords: Opportunity of being heard

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B , PUNE BEFORE: SHRI G. S. PANNU, ACCOUNTANT MEMBER AND SHRI R.S. PADVEKAR, JUDICIAL MEMBER ITA NO S . 1282 & 1283 / P N/ 20 12 ASSESSMENT YEAR S : 2004 - 05 & 2006 - 07 SHRI RAHUL V. KA RAD, PLOT NO. 18/19, RAJPATH CO - OP. HSG. SOCY., RAMAKRISHNA PARAMHANS NAGAR, OPP. VANAZ FACTORY, PAUD ROAD, PUNE VS. DY. CIT, CC - 1(1), PUNE (APPELLANT) (RESPONDENT) PAN NO. AGOPK6070G APPELLANT BY: SHRI S.K. TYAGI RESPONDENT BY: SHRI K.K. OJHA DATE OF HEARING : 01 - 08 - 2013 DATE OF PRONOUNCEMENT : 26 - 08 - 2013 ORDER P ER G .S. PA NNU , A M : - TH ESE TWO CAPTIONED APPEALS RELATE TO THE SAME ASSESSEE FOR A.YS. 2004 - 05 AND 2006 - 07, AND SINCE THEY INVOLVED CERTAIN COMMON ISSUES, THEY HAVE BEEN CLUBBED AND HEARD TOGETHER AND A CONSOLIDATED ORDER IS BEING PASSED FOR THE SAKE OF CONVENIENCE AND BREV ITY. 2. IN ITA NO. 1282/PN/2012 FOR A.Y. 2004 - 05, WHICH IS DIRECTED AGAINST THE ORDER OF THE CIT(A ) - I, PUNE DATED 18 - 12 - 2008, THE LEARNED COUNSEL FOR THE ASSE SSEE AT THE OUTSET SUBMITTED THAT ONE OF THE ISSUE INVOLVED RELATES TO ASSESSEES CLAIM OF LONG TERM CAPITAL GAIN S ON SALE OF P ENNY STOCK SHARES, WHICH IS SIMILAR TO THAT CONSIDERED BY THE TRIBUNAL IN THE CASE OF OTHER FAMILY MEMBER S OF THE ASSESSEE NAMELY SMT. SUNITA M . KARAD AND SHRI MANGESH T. KARAD VIDE ITA NOS. 276, 278 & 279/PN/2009 DATED 16 - 12 - 2010. BOTH THE PARTIES CONVERGED ON THE POINT THAT IN VIEW OF THE ORDER OF THE TRIBUNAL DATED 16 - 12 - 2010 (SUPRA) THE MATTER BE SENT BACK TO THE FILE OF THE AS SESSING OFFICER, WHO SHALL 2 ITA NOS.1282 & 1283, SHRI RAHUL V. KARAD, PUNE DECIDE THE ISSUE IN THE LIGHT OF THE DIRECTIONS OF THE TRIBUNAL DATED 16 - 12 - 2010 (SUPRA). 3. WE HAVE GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW IN THE LIGHT OF THE AFORESAID COMMON GROUND BETWEEN THE PARTIES. WE FIND NO REASON TO DISAGREE WITH THE COMMON SUBMISSION OF THE PARTIES WITH REGARD TO ASSESSEES CLAIM REGARDING THE GENUINENESS OF THE LONG TERM CAPITAL GAINS TO THE EXTENT OF RS.10,82,620/ - WHICH HAS BEEN TREATED BY THE INCOME - TAX AUTHORITIES AS INCOME FROM UNDI SCLOSED SOURCES. IN THE LIGHT OF THE ORDER OF THE TRIBUNAL DATED 16 - 12 - 2010 (SUPRA), THE ISSUE IS RESTORED BACK TO THE FILE OF THE ASSESSING OFFICER, WHO SHALL DECIDE THE ISSUE AFRESH IN THE LIGHT OF THE DIRECTIONS OF THE TRIBUNAL CONTAINED THEREIN. NEED LESS TO SAY , THE ASSESSING OFFICER SHALL ALLOW A REASONABLE OPPORTUNITY OF BEING HEARD TO THE ASSESSEE AND THEREAFTER HE SHALL DECIDE THE ISSUE AFRESH IN ACCORDANCE WITH ABOVE DIRECTIONS AS PER LAW. 4. IN THE RESULT, THE G ROUNDS OF A PPEAL N OS. 1, 2 AND 1. 2 RAISED IN M EMO OF A PPEAL IS ALLOWED FOR STATISTICAL PURPOSES. 5. THE SECOND G ROUND OF A PPEAL RELATE S TO AN AMOUNT OF RS.2,87,400/ - RECEIVED AS SPONSORSHIP FROM MAHARASHTRA ACADEMY OF ENGINEERING AND EDUCATIONAL RESEARCH, PUNE FOR THE PURPOSES OF HIGHER EDUCATION IN U.K. THE SAID AMOUNT HAS BEEN CONSIDERED AS TAXABLE BY THE INCOME - TAX AUTHORITIES. BY WAY OF THIS GROUND, IT IS CLAIMED THAT THE SAID AMOUNT IS NOT A TAXABLE RECEIPT. THIS G ROUND HAS NOT BEEN PRESSED AT THE TIME OF HEARING AND IS ACCORDINGL Y DISMISSED AS NOT PRESSED . 6. IN THE RESULT, APPEAL IN ITA NO. 1282/PN/2012 FOR A.Y. 2004 - 05 IS PARTLY ALLOWED . 7. IN SO FAR AS APPEAL IN ITA NO. 1283/PN/2012 FOR A.Y. 2006 - 07 IS CONCERNED, THE ONLY GROUND OF APPEAL RAISED IS IN RELATION TO TAXAB ILITY OF 3 ITA NOS.1282 & 1283, SHRI RAHUL V. KARAD, PUNE A SUM OF RS.2 ,72,102/ - REPRESENTING SPONSORSHIP RECEIVED FROM MAEER FOR STUDY IN U.K. THE SAID GROUND HAS NOT BEEN PRESSED AT THE TIME OF HEARING, AND IS ACCORDINGLY DISMISSED. 8. RESULTANTLY, WHEREAS ITA NO. 1282/PN/2012 IS PARTLY ALLOWED, ITA NO. 1283/PN/2012 IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 26 - 08 - 20 1 3 SD/ - SD/ - (R.S. PADVEKAR) (G.S. PANNU) JUDICIAL MEMBER ACCOUNTANT MEMBER RK /PS PUNE , DATED : 26 TH AUGUST, 20 1 3 COPY TO 1 ASSESSEE 2 DEPARTMENT 3 THE CIT(A) - I , PUNE 4 THE CIT - I , PUNE 5 THE DR, ITAT, B BENCH, PUNE . 6 GUARD FILE. //TRUE COPY// BY ORDER PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL PUNE