M/s Charis Agro and Cold Storage, Belgavi V. Principal Commissioner of Income Tax, Belgavi

ITA 19/PAN/2019

AI Insights

The case involves M/s. Charis Agro and Cold Storage appealing against an order by the Principal Commissioner of Income Tax, Belagavi, concerning the assessment year 2013-14. The appeal was initially delayed by five days, for which a notarized affidavit was submitted explaining the reasons for the delay, deemed bona fide by the Tribunal. The core issue of the appeal was the modification of the order under section 263 by the Principal Commissioner, which directed the Assessing Officer to look into the non-levy of capital gains under section 45(4) of the Income Tax Act. The Tribunal dismissed the appeal, supporting the Principal Commissioner's jurisdiction and the necessity of the order under section 154.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 132788 (ITAT-PANAJI)
• Duration Of Justice: 4 year(s) 7 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-09-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: WT(D)
• Next Hearing Date: 10-09-2023
• Assessment Year: 2013-2014
• Appeal Filed On: 24-01-2019
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: P.S. SHIVSHANKAR
• Assessee Lawyers: BALU ANAND
• Keywords: Capital Gains
• Section: 263

Judgement Text

आयकर अपीलीय अधिकरण न्यायपीठ पणजी में । IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI (Through Virtual Court) BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No.19/PAN/2019 धििाारण वर्ा / Assessment Year : 2013-14 M/s. Charis Agro and Cold Storage, H. No. 1313(p), KIADB Auto Nagar, Belagavi PAN : AAFFC0077N .......अपीलार्थी / Appellant बिाम / V/s. Principal Commissioner of Income Tax, Balagavi ......प्रत्यर्थी / Respondent Assessee by : Shri Balu Anand Revenue by : Shri P.S. Shivshankar सुिवाई की तारीख / Date of Hearing : 11-09-2023 घोर्णा की तारीख / Date of Pronouncement : 20-09-2023 आदेश / ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 19-11-2018 passed by the Principal Commissioner of Income Tax, Belagavi for assessment year 2013-14. 2. We find that this appeal was filed with a delay of 05 days. The assessee filed notarized affidavit dated 05-04-2019 explaining the reasons for delay. On perusal of the same and hearing both the parties, we find that the reasons stated by the assessee are bonafide which really prevented 2 ITA No. 19/PAN/2019, A.Y. 2013-14 the assessee to file the present appeal in time. Therefore, the delay of 05 days are condoned. 3. The ld. AR vehemently argued that the order passed by the Pr. CIT u/s. 154 of the Act modifying its own order passed u/s. 263 of the Act directing the AO to examine the issue of non-levy of capital gains as per section 45(4) of the Act is not maintainable. The ld. DR drew our attention to the order dated 26-03-2018 passed u/s. 263 of the Act and argued that the Pr. CIT raised issue in 263 proceedings itself regarding non-levy of capital gains as per section 45(4) of the Act and by mistake there was no direction given in the said order. He vehemently argued that the Pr. CIT is the well within its jurisdiction issuing a direction u/s. 154 of the Act and prayed to dismiss the appeal of assessee. 4. After hearing both the parties, we find the Pr. CIT raised the issue of non-levy of capital gains in point No. 2 in 263 proceedings which is evident from para 2 of the original 263 order dated 26-03-2018 and therefore, we do not find any force in the argument of ld. AR that the order passed u/s. 154 is not maintainable. Therefore, the order of Pr. CIT passed u/s. 154 is justified. Thus, the grounds raised by the assessee fails and are dismissed. 5. In the result, the appeal of assessee is dismissed. Order pronounced in the open court on 20 th September, 2023. Sd/- Sd/- (R.S. Syal) (S.S. Viswanethra Ravi) VICE PRESIDENT JUDICIAL MEMBER पुणे / Pune; ददिांक / Dated : 20 th September, 2023. रधव 3 ITA No. 19/PAN/2019, A.Y. 2013-14 आदेश की प्रधतधलधप अग्रेधर्त / Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant. 2. प्रत्यर्थी / The Respondent. 3. The Pr. CIT, Belagavi. 4. धवभागीय प्रधतधिधि, आयकर अपीलीय अधिकरण, पणजी, / DR, ITAT, Panaji. 5. गार्ा फ़ाइल / Guard File. //सत्याधपत प्रधत// True Copy// आदेशािुसार / BY ORDER, वररष्ठ धिजी सधिव / Sr. Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune