ITO WD 4(1), THANE V. ABDUKREHMAN A CHAWRE, THANE

ITA 1604/MUM/2013

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0711 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 3 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-05-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 28-05-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 27-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP
• Keywords: Cost of acquisition

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES A MUMBAI . . , , BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI RAJENDRA, ACCOUNTANT MEMBER . / ITA NO.1604/MUM/2013 / ASSESSMENT YEAR 2007-08 INCOME TAX OFFICER, WARD 4(1), ROOM NO.03, A-WING, 6 TH FLOOR, ASHAR IT PARK, WAGLE INDUSTRIAL ESTATE, ROAD NO.16-Z, THANE(W), / VS. SHRI ABDULREHMAN A CHAWRE, MALIKA MANJIL, SOPARA BAZAR PETH SOPARA, VASAI THANE. ./ ./ PAN/GIR NO. : AEIPC3469B ( / APPELLANT ) .. ( / RESPONDENT ) APPELLANT BY SHRI NEIL PHILIP RESPONDENT BY NONE ! ' / DATE OF HEARING : 28/05/2015 ! ' / DATE OF PRONOUNCEMENT : 28/05/2015 / O R D E R PER I.P.BANSAL, J.M: THIS IS AN APPEAL FILE BY THE REVENUE AND IT IS D IRECTED AGAINST ORDER PASSED BY LD. CIT(A)-II DATED 7/11/2012 FOR ASSESSM ENT YEAR 2007-08. GROUNDS OF APPEAL READ AS UNDER: 1. ON THE FACTS & IN THE CIRCUMSTANCES OF THE CASE AND IN THE LAW, THE CIT(A)-II, THANE, ERRED IN HOLDING THAT WHILE COMPUTING LONG T ERM CAPITAL GAIN, THE ASSESSEE IS ENTITLED TO CLAIM DEDUCTION ON A/C. OF INDEXED COST OF ACQUISITION W.E.F. 01/04/1981 IN RESPECT OF PROPERTY INHERITED BY HIM RELYING ON THE MUMBAI HIGH COURTS DECISION IN THE CASE OF CIT VS. SMT. MANJU LA J. SHAH REPORTED 249 CTR 270 WHEN SLP FILED BY THE DEPARTMENT AGAINST THE SA ID DECISION IS PENDING BEFORE THE HONBLE SUPREME COURT. . / ITA NO.1604/MUM/2013 / ASSESSMENT YEAR 2007-08 2 2. IT IS SEEN THAT THE ASSESSEE SOLD A LAND WHICH W AS INHERITED BY HIM ON WHICH COST OF INDEXATION BENEFIT FROM 1/4/1981 WAS NOT GRANTED BY THE AO. LD. CIT(A) HAS GRANTED SUCH BENEFIT TO THE ASSESSEE ON THE BASIS OF HONBLE BOMBAY HIGH COURT DECISION IN THE CASE OF CIT VS. MANJULA J. SHAH, 249 CTR 270 (BOM). SUCH DECISION OF LD. CIT(A) IS BEING CO NTESTED BY REVENUE IN THE GROUNDS OF APPEAL MERELY ON THE GROUND THAT REVENUE HAS NOT ACCEPTED THE DECISION OF HONBLE BOMBAY HIGH COURT AND HAS FILED SLP AGAINST THAT. 3. IN THIS VIEW OF THE SITUATION, WE HAVE HEARD BO TH THE PARTIES AND THEIR CONTENTIONS HAVE CAREFULLY BEEN CONSIDERED. SINCE THE ISSUE IS UNDISPUTABLY COVERED BY THE AFOREMENTIONED DECISION OF HONBLE B OMBAY HIGH COURT, WE FIND NO JUSTIFICATION IN THE GROUNDS OF APPEAL RAISED BY THE REVENUE THAT SIMPLY ON THE BASIS OF SLP HAVING BEEN FILED BEFORE HONBLE A PEX COURT, THE CLAIM OF THE REVENUE CAN BE ACCEPTED. WE, THEREFORE, FINDING NO MERIT IN DEPARTMENTAL APPEAL, THE SAME IS DISMISSED. 4. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DI SMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 28/05/20 15 () * + 28/05/2015 SD/- SD/- ( , / RAJENDRA) ( . . / I.P. BANSAL) / ACCOUNTANT MEMBER / JUDICIAL MEMBER ( MUMBAI; * DATED 28/05/2015 . / ITA NO.1604/MUM/2013 / ASSESSMENT YEAR 2007-08 3 ! / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. .! ( ) / THE CIT(A)- 4. .! / CIT 5. /0 !12 , ' 12 , ( / DR, ITAT, MUMBAI 6. 3 / GUARD FILE. / BY ORDER, /! ! //TRUE COPY// / (DY./ASSTT. REGISTRAR) , ( / ITAT, MUMBAI . . ./ VM , SR. PS