P.V.Chandran, CHENNAI V. DCIT, Coimbatore

ITA 1575/CHNY/2013

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 6265 (ITAT-CHENNAI)
• Duration Of Justice: 4 year(s) 1 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-09-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 03-07-2017
• Assessment Year: 2006-2007
• Appeal Filed On: 19-07-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: C YAMUNA
• Assessee Lawyers: G BASKAR
• Section: 154

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI . . . , !, # !$ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ./ ITA NO.1575/MDS/2013 ' (' / ASSESSMENT YEAR : 2006-07 SHRI P.V. CHANDRAN, NO.9A, VALLUVAR STREET, SIVANANDA COLONY, COIMBATORE 641 012. PAN : ACOPC 4846 Q V. THE DEPUTY COMMISSIONER OF INCOME TAX, COMPANY CIRCLE 1(3), COIMBATORE. (*+/ APPELLANT) (,-*+/ RESPONDENT) *+ . / / APPELLANT BY : SHRI G. BASKAR, ADVOCATE ,-*+ . / / RESPONDENT BY : SMT. C. YAMUNA, JCIT 0 . 1# / DATE OF HEARING : 05.07.2017 23( . 1# / DATE OF PRONOUNCEMENT : 06.09.2017 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER: THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST T HE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) -1, COIMBA TORE, DATED 07.05.2013 AND PERTAINS TO ASSESSMENT YEAR 2006-07. 2. HAVING HEARD SHRI G. BASKAR, THE LD.COUNSEL FOR THE ASSESSEE AND SMT. C. YAMUNA, THE LD. DEPARTMENTAL 2 I.T.A. NO.1575/MDS/13 REPRESENTATIVE. WE FIND THAT THERE IS NO MERIT IN THE APPEAL OF THE ASSESSEE. 3. IN THE ORIGINAL ASSESSMENT, THE ASSESSEE DISCLOS ED THE RECEIPT OF ` 2,74,12,448/- AND THE SAME WAS ASSESSED UNDER THE HEAD INCOME FROM OTHER SOURCES. ON APPEAL BY THE ASSESSEE, THE CIT(APPEALS) CONFIRMED THE ORDER OF THE ASSESSING O FFICER. THE MATTER REACHED HIGH COURT ALSO. THE HIGH COURT ALS O CONFIRMED THE CLASSIFICATION OF THE HEAD UNDER WHICH THE RECEIPT OF ` 2,74,12,448/- WAS ASSESSED. AFTER THAT, THE ASSESSEE FILED A MIS CELLANEOUS PETITION UNDER SECTION 154 OF THE INCOME-TAX ACT, 1 961 (IN SHORT 'THE ACT') ON THE GROUND THAT IT IS ONLY A CAPITAL RECEI PT, THEREFORE, IT HAS TO BE ASSESSED UNDER THE HEAD SHORT-TERM CAPITAL GAIN AT THE RATE OF 10%. 4. THE ASSESSING OFFICER REJECTED THE PETITION FILE D BY THE ASSESSEE UNDER SECTION 154 OF THE ACT ON THE GROUND THAT THE ORDER OF THE ASSESSING OFFICER WAS ALREADY CONFIRMED BY T HE HIGH COURT. IN FACT, THE ASSESSEE FILED A PETITION FOR REVIEW O F ITS ORDER BEFORE THE HIGH COURT. IN THOSE CIRCUMSTANCES, THIS TRIBUNAL IS OF THE CONSIDERED OPINION THAT WHEN THE ORDER OF THE ASSES SING OFFICER 3 I.T.A. NO.1575/MDS/13 CLASSIFYING THE RECEIPT OF ` 2,74,12,448/- WAS CONFIRMED BY THE CIT(APPEALS), SUBSEQUENTLY BY THIS TRIBUNAL AND ALS O BY THE HIGH COURT, IT CANNOT BE SAID THAT THERE IS AN ERROR IN THE ORDER OF THE ASSESSING OFFICER. HENCE, THE PETITION FILED BY TH E ASSESSEE UNDER SECTION 154 OF THE ACT IS NOT MAINTAINABLE. THEREF ORE, THE CIT(APPEALS) HAS RIGHTLY CONFIRMED THE ORDER OF THE ASSESSING OFFICER. THIS TRIBUNAL DO NOT FIND ANY REASON TO I NTERFERE WITH THE ORDER OF THE LOWER AUTHORITY AND ACCORDINGLY THE SA ME IS CONFIRMED. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE STANDS DISMISSED. ORDER PRONOUNCED ON 6 TH SEPTEMBER, 2017 AT CHENNAI. SD/- SD/- ( ! ) ( . . . ) (S. JAYARAMAN) (N.R.S. GANESAN) # / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 5 /DATED, THE 6 TH SEPTEMBER, 2017. KRI. . ,167 87(1 /COPY TO: 1. *+ /APPELLANT 2. ,-*+ /RESPONDENT 3. 0 91 () /CIT(A)-1, COIMBATORE 4. CIT- 1, COIMBATORE 5. 7: ,1 /DR 6. ;' < /GF.