ITO, WD-12(2), KOLKATA, Kolkata V. Shri Kaushik Mukherjee, Kolkata

ITA 1389/KOL/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 4516 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-07-2016
• Appeal Filed By: Department
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 13-11-2015
• Court: TRIBUNAL
• Department Lawyers: AMITABH BHATTACHARYA
• Keywords: Cost of acquisition; Tax effect

Judgement Text

I.T.A. NO. 1389/KOL./2015 ASSESSMENT YEAR: 2011-2012 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA A(SMC) BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER I.T.A. NO. 1389 /KOL/ 2015 ASSESSMENT YEAR: 2011-2012 INCOME TAX OFFICER,................................ ............................APPELLANT WARD-12(2), KOLKATA, AAYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 -VS.- SHRI KAUSHIK MUKHERJEE,............................ .....................RESPONDENT 139A, RASH BEHARI AVENUE, KOLKATA-700 029 [PAN: ALJPM 3195 J] APPEARANCES BY: SHRI AMITABH BHATTACHARYA, JCIT, D.R., FOR THE DEPARTMENT SHRI PRANABESH SARKAR, A.R., FOR THE ASSESSEE DATE OF CONCLUDING THE HEARING : JULY 27, 2016 DATE OF PRONOUNCING THE ORDER : JULY 27, 2016 O R D E R THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-6, KOLKATA DAT ED 07.09.2015 FOR THE ASSESSMENT YEAR 2009-10 ON THE FOLLOWING GROUND S:- 1. THAT ON THE FACTS AND & CIRCUMSTANCES OF THE CA SE AND AS PER LAW, THE LD. CIT(A) ERRED IN NOT APPRECIATING THE F ACT THAT AS PER SECTION 54(1) OF THE I.T. ACT, 1961, THE DEDUCT ION WILL BE ALLOWED ONLY FOR A RESIDENTIAL HOUSE INCLUDES ONLY ONE FLAT AND NOT MORE. 2. THAT ON THE FACTS & CIRCUMSTANCES OF THE CASE AN D AS PER LAW, THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THE FA CT IN VIEW OF SUB-CLAUSE (II) OF SECTION 55A OF THE ACT, THE A.O. MAY REFER THE VALUATION TO THE DVO IF HAVING REGARD TO THE NATURE OF ASSETS AND OTHER RELEVANT CIRCUMSTANCES, IT IS NECESSARY S O TO DO & BY CLAIMING HIGHER COST OF ACQUISITION, THE ASSESSEE H AD REDUCED THE LONG TERM CAPITAL GAIN. 3. THAT ON THE FACTS & CIRCUMSTANCES OF THE CASE AN AS PER LAW, THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THE FA CT THAT I.T.A. NO. 1389/KOL./2015 ASSESSMENT YEAR: 2011-2012 PAGE 2 OF 3 DURING THE WHOLE PROCEEDINGS, THE ASSESSEE HAS FAIL ED TO FURNISH ANY DOCUMENTARY EVIDENCE IN RESPECT OF BROKERAGE PA ID OF RS.2,34,OOO/- I.E. SIGNED COPY OF CONFIRMATION OF T HE PARTY, LEDGER ACCOUNT OF THE TRANSACTION IN THE BOOKS OF T HE PARTY OR THE ASSESSEE, BANK STATEMENT SHOWING THIS TRANSACTI ON. 4. THE APPELLANT CRAVES FOR LEAVE TO AD, DELETE OR MODIFY ANY OF THE GROUNDS OF APPEAL BEFORE OR AT THE TIME OF HEAR ING. 2 AS POINTED OUT BY THE LD. COUNSEL FOR THE ASSESSE E AT THE OUTSET, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE I S LESS THAN THE REVISED MONETARY LIMIT RECENTLY FIXED BY THE CBDT VIDE CIRC ULAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 AT RS.10,00,000/- FOR FILING THE AP PEAL BY THE REVENUE BEFORE THE TRIBUNAL AND THIS POSITION CLEAR LY EVIDENT FROM THE GROUNDS RAISED BY THE REVENUE IN THIS APPEAL IS NOT DISPUTED EVEN BY THE LD. D.R. IN CIRCULAR NO. 21/2015 (SUPRA) RECENTLY I SSUED BY THE CBDT, THE MONETARY LIMIT FOR FILING THE APPEAL BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS.10,00,000/- AND AS CLARIFI ED IN THE SAID CIRCULAR, THE SAID MONETARY LIMIT IS APPLICABLE RETROSPECTIVE LY EVEN TO THE APPEALS PENDING BEFORE THE TRIBUNAL. THE CBDT HAS ALSO INST RUCTED THAT SUCH PENDING APPEALS BELOW THIS SPECIFIED TAX LIMIT OF R S.10,00,000/- MAY BE WITHDRAWN/ NOT PRESSED. KEEPING IN VIEW THE INSTRUC TION GIVEN BY THE CBDT VIDE CIRCULAR NO. 21/2015 DATED 10.12.2015, WH ICH IS SQUARELY APPLICABLE IN THE PRESENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WITHDRAWN/NOT PRESSED AND DISMIS SED ACCORDINGLY. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON JULY 27, 2016 . SD/- (P.M. JAGTAP) ACCOUNTANT MEMBER KOLKATA, THE 27 TH DAY OF JULY, 2016 COPIES TO : (1) INCOME TAX OFFICER, WARD-12(2), KOLKATA, AAYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 I.T.A. NO. 1389/KOL./2015 ASSESSMENT YEAR: 2011-2012 PAGE 3 OF 3 (2) SHRI KAUSHIK MUKHERJEE, 139A, RASH BEHARI AVENUE, KOLKATA-700 029 (3) COMMISSIONER OF INCOME TAX (APPEALS)-4, KOLKA TA; (4) COMMISSIONER OF INCOME TAX- , (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.