Shri Sanjaykumar H.Jain, Ahmedabad V. The Income tax Officer,Ward-9(4),., Ahmedabad

ITA 1397/AHD/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 1119 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 2 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-07-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 13-07-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 13-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ADITYA SHUKLA SR D R
• Assessee Lawyers: M K PATEL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD SMC BENCH AHMEDABAD , BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER , ITA. NO.1397/AHD/2013 (ASSESSMENT YEAR:2008-09) SHRI SANJAYKUMAR H. JAIN, C/O. INDIAN KEROSENE SUPPLY CO., 114/115, BHARVI TOWERS, OPP: SHARDA SCHOOL, CTM ROAD, AHMEDABAD 380026 APPELLANT VS. THE I.T.O., WARD 9 (4), AHMEDABAD RESPON DENT PAN: AAUPJ0415C /BY APPELLANT : SHRI M. K. PATEL, A.R. /BY RESPONDENT :SHRI ADITYA SHUKLA, SR. D.R. ! '# /DATE OF HEARING : 13.07.2016 ! '# /DATE OF PRONOUNCEMENT : 14.07.2016 ORDER PER SHAILENDRA KUMAR YADAV, J.M: THIS APPEAL HAS BEEN FILED BY ASSESSEE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS)-XV, AHMEDABAD, DATED 07 TH FEBRUARY, 2013 FOR A.Y. 2008-09 ON FOLLOWING GROUN DS. (1) THAT ON FACTS, AND IN LAW, THE LEARNED CIT(A) HAS GRIEVOUSLY ERRED IN CONFIRMING THE ADDITION OF ITA NO.1397/AHD/13 A.Y. 08-09 [SHRI SANJAYKUMAR H. JAIN VS. ITO] PAGE 2 RS.1,39,429/- AS UNDISCLOSED INCOME ARISING FROM LO NG TERM CAPITAL GAINS. (2) THAT ON FACTS, AND IN LAW, IT OUGHT TO HAVE BEE N HELD THAT THE SAID INCOME WAS OFFERED BY APPELLANT SUO-M OTTO, AND IT IS EXEMPT U/S.10(38) OF THE I.T. ACT, 1961. 2. ASSESSEE IS NOT DISPUTING THE LONG TERM CAPITAL GAIN BUT ASSESSEE RAISED A LEGAL ISSUE THAT SAID LONG TERM C APITAL GAIN IS EXEMPT U/S.10(38) WHICH WAS INADVERTENTLY NOT RAISE D BEFORE AUTHORITIES BELOW. SAME HAS BEEN RAISED BEFORE US FOR THE FIRST TIME. BEING LEGAL ISSUE, I ADMIT THE SAME AND REST ORE THE MATTER TO ASSESSING OFFICER WITH DIRECTION TO DECID E THE ISSUE OF EXEMPT U/S.10(38) OF THE ACT AT HAND AS PER FACT AN D LAW AFTER PROVIDING DUE OPPORTUNITY OF HEARING TO THE ASSESSE E. 3. AS A RESULT, APPEAL FILED BY ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. PRONOUNCED IN THE OPEN COURT ON THIS THE 14 TH DAY OF JULY, 2016. SD/- (SHAILENDRA KUMAR YADAV) JUDICIAL MEMBER AHMEDABAD: DATED 14/07/2016 TRUE COPY S.K.SINHA ! / COPY OF ORDER FORWARDED TO:- () * / REVENUE 2) / ASSESSEE -)./.01! 2! / CONCERNED CIT 4) 2!- / CIT (A) 5)67 8!019 '019: / / DR, ITAT, AHMEDABAD ;)8 <=> ? / GUARD FILE. BY ORDER / 9 /: .* '019: /