Shripal Tejraj Munot, Dhule V. Incoame-Tax Officer, Ward-2, Dhule

ITA 131/PUN/2021

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 2116 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 3 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-07-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 18-04-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Cost of acquisition; Capital Gains
• Section: 32; 147; 131; 68; 246; 69; 145; 27; 148; 54; 37; 6; 56; 263; 63; 132; 12; 28; 144; 10; 90; 154; 2; 11; 15; 271(1)(b); 139; 143(3); 92

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI S. S. GODARA, JUDICIAL MEMBER आयकर अपील सं. / ITA No.131/PUN/2021 िनधाᭅरण वषᭅ / Assessment Year: 2012-13 Shripal Tejraj Munot, 1816, Lane No.2, Opp. Jain Mandir, Dhule-424001. PAN : ABGPM9080R Vs. ITO, Ward-2, Dhule. Appellant Respondent आदेश / ORDER PER S. S. GODARA, JM: This assessee’s appeal for assessment year 2012-13 arises against the National Faceless Appeal Centre, Delhi’s order dated 03.03.2021 passed in case no.ITBA/NFAC/S/250/2020- 21/1031172239(1) involving proceedings u/s 143(3) r.w.s. 147 of the Income Tax Act, 1961; in short “the Act”. Case called twice. None appears at the assessee’s behest. He is accordingly proceeded ex-parte. 2. The assessee’s sole substantive grievance raised in his pleading challenges correctness of both the lower authorities’ action Assessee by : None Revenue by : Shri M. G. Jasnani Date of hearing : 28.07.2022 Date of pronouncement : 28.07.2022 ITA No.131/PUN/2021 2 making long term capital gains addition of Rs.24,42,860/- thereby reducing the cost of acquisition as on 01.04.1981 taken as per the registered valuer’s report. 3. Suffice to say, Mr. Jasnani would hardly dispute the clinching fact that the assessee’s valuation was nowhere less than fair market value as per section 55A(a) of the Act as I am dealing with assessment year 2012-13 whereas the legislature has amended the same w.e.f. 1.7.2012 relevant to the succeeding assessment year 2013-14. Hon’ble jurisdictional high court’s decision in ITO vs. Puja Prints (2014) 360 ITR 697 (Bombay) holds the foregoing statutory amendments as carrying prospective effect only. Faced with this situation, I hold that both the learned lower authorities have erred in law and on facts in making the impugned long term capital gains addition. The same is directed to be deleted. 4. This assessee’s appeal is allowed in above terms. Order pronounced on this 28 th day of July, 2022. Sd/- (S. S. GODARA) JUDICIAL MEMBER पुणे / Pune; ᳰदनांक / Dated : 28 th July, 2022. Sujeet (DOC) ITA No.131/PUN/2021 3 आदेश कᳱ ᮧितिलिप अᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The CIT(A)-NFAC, Delhi. 4. The Pr. CIT concerned. 5. िवभागीय ᮧितिनिध, आयकर अपीलीय अिधकरण, “SMC” बᱶच, पुणे / DR, ITAT, “SMC” Bench, Pune. 6. गाडᭅ फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune.