Murlidhar Damodar Kadam, Kolhapur V. Income-tax Officer, Ward - 2(3), Kolhapur

ITA 1515/PUN/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5465 (ITAT-PUNE)
• Duration Of Justice: 7 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 16-05-2019
• Assessment Year: 2010-2011
• Appeal Filed On: 25-09-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: ARISES OUT OF PASSED
• Keywords: Capital asset; Additional evidence

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT . / ITA NO.1515/PUN/2018 / ASSESSMENT YEAR : 2010-11 MURLIDHAR DAMODAR KADAM, 62/63, E-WARD, MAL GALLI, KADAMWADI ROAD, KOLHAPUR 416 003 PAN :AMQPK5693A VS. ITO, WARD-2(3), KOLHAPUR (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSE D BY THE CIT(A)-2, KOLHAPUR ON 24-07-2018 IN RELATION TO THE AS SESSMENT YEAR 2010-11. 2. THE ONLY ISSUE RAISED IN THIS APPEAL IS AGAINST THE CONFIRMA TION OF ADDITION TO THE EXTENT OF 50% OF SHARE IN THE CAPITAL GAIN R ELATING TO THE ASSESSEES DAUGHTER. APPELLANT BY SHRI SANJAY M. VHANBATTE RESPONDENT BY SHRI RAJESH GAWALI DATE OF HEARING 16-05-2019 DATE OF PRONOUNCEMENT 17-05-2019 ITA NO.1515/PUN/2018 SHRI MURLIDHAR DAMODAR KADAM 2 3. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT IN THE ASSE SSMENT COMPLETED U/S.144 OF THE INCOME-TAX ACT, 1961 (HEREINAFTER ALSO CALLED `THE ACT), THE ASSESSING OFFICER (AO) ADDED LONG TER M CAPITAL GAIN OF RS.33,88,902/- IN THE HANDS OF ASSESSEE O N ACCOUNT OF TRANSFER OF LAND. THE LD. CIT(A) OBSERVED THAT OUT OF TOTA L CONSIDERATION OF RS.34.00 LAKH, THE ASSESSEES SHARE INCLU DING THAT OF HIS DAUGHTER WAS RS.14.00 LAKH. HE DID NOT ACCEPT THE ASSESSEES CONTENTION THAT HIS DAUGHTER WAS ENTITLED TO A SHARE IN THE SALE CONSIDERATION AND LIABLE FOR THE CONSEQUENTIAL CAPITAL GAIN ALSO. HE, THEREFORE, HELD THAT THE ENTIRE SALE CONSIDERATION OF RS.14.00 LAKH ACCRUED TO THE ASSESSEE AND ACCORDINGLY COMPUTED THE CAPITA L GAIN AT RS.13,99,375/- BY ALLOWING RELIEF OF RS.19,89,567/- OUT O F TOTAL ADDITION OF RS.33,88,902/- MADE BY THE ASSESSING OFFICER. AGGRIEVED THEREBY, THE ASSESSEE HAS COME UP IN APPEAL BE FORE THE TRIBUNAL. 4. I HAVE HEARD BOTH THE SIDES AND GONE THROUGH THE RELEV ANT MATERIAL ON RECORD. THE ONLY CASE OF THE ASSESSEE IS THAT SALE CONSIDERATION OF RS.14.00 LAKH DID NOT PERTAIN TO HIM ALONE R ATHER HIS DAUGHTER WAS ALSO A LEGAL AND BENEFICIAL OWNER OF A PAR T OF THE LAND AND THEREFORE, THE CAPITAL GAIN RELATING TO THE PART PERTAININ G TO ITA NO.1515/PUN/2018 SHRI MURLIDHAR DAMODAR KADAM 3 HER SHOULD BE CHARGED TO TAX IN HER HANDS. IN SUPPORT O F THIS CONTENTION, THE ASSESSEE HAS PLACED ON RECORD AN ADDITIONAL EVIDENCE IN THE SHAPE OF AN ORDER OF SUB DIVISIONAL OFFICER, RADHA N AGARI, KOLHAPUR DATED 23-11-2009. SINCE THIS ADDITIONAL EVIDENCE BEA RS SIGNIFICANCE IN THE DETERMINATION OF TAXABILITY OF THE AMOUNT OF CAPITAL GAIN IN THE HANDS OF ASSESSEE, IN MY CONSIDERED OPIN ION, THE ENDS OF JUSTICE WOULD MEET ADEQUATELY IF THE IMPUGNED ORDER ON THIS ISSUE IS SET-ASIDE AND THE MATTER IS RESTORED TO THE FILE OF A O. I ORDER ACCORDINGLY AND DIRECT HIM TO DECIDE THIS ISSUE AFRESH AFTER CONSIDERING THE ADDITIONAL EVIDENCE WHICH IS PROPOSED TO BE FILE D BY THE ASSESSEE BEFORE HIM. 5. IN THE RESULT, THE APPEAL IS ALLOWED FOR STATISTICAL PURPOSES . ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH MAY, 2019. SD/- (R.S.SYAL) / VICE PRESIDENT PUNE; DATED : 17 TH MAY, 2019 ITA NO.1515/PUN/2018 SHRI MURLIDHAR DAMODAR KADAM 4 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-2, KOLHAPUR 4. THE PR. CIT-II, KOLHAPUR 5. , , SMC / DR SMC, ITAT, PUNE; 6. / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE DATE 1. DRAFT DICTATED ON 16-05-2019 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 16-05-2019 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *