Assistant Commissioner of Income-tax, Pune V. Mahendra Kantilal Parmar, Pune

ITA 2003/PUN/2014

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 9425 (ITAT-PUNE)
• Duration Of Justice: 3 year(s) 2 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-01-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 25-01-2018
• Assessment Year: 2010-2011
• Appeal Filed On: 11-11-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE . . . . , , BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM . / ITA NO. 2003/PUN/2014 / ASSESSMENT YEAR : 2010-11 ACIT, CIRCLE - 4, PUNE . /APPELLANT V/S MAHENDRA KANTILAL PARMAR, OFFICE NO.1, WING-1, THACKER HOUSE, 2418, EAST STREET, PUNE 411 001 PAN : AARPP6157C . /RESPONDENT ASSESSEE BY : SHRI KISHOR PHADKE REVENUE BY : SHRI AJAY MODI , JCIT / ORDER PER D. KARUNAKARA RAO, AM : THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORDER OF CIT(A)- II, PUNE, DATED 21-07-2014 FOR THE ASSESSMENT YEAR 2010-1 1. 2. BRIEF FACTS OF THE CASE ARE THAT ASSESSEE IS AN INDIVIDU AL DERIVING INCOME FROM OTHER SOURCES AND LONG TERM CAPITAL G AIN ON ACCOUNT OF SALE OF A FLAT KNOWN AS CYRUS COURT, SITUATE D AT WANAWADI, PUNE DURING THE YEAR UNDER CONSIDERATION. ASSE SSEE FILED THE RETURN OF INCOME ON 29-07-2010 DECLARING TOTAL INCOME OF RS.76,02,102/-. ASSESSEE CLAIMED RS.4,29,037/- AS CAPITAL GA IN ON ACCOUNT OF SALE OF THE SAID LAND. AO DETERMINED THE INCOME OF THE ASSESSEE AT RS.98,45,530/- HOLDING THAT THE GAINS EARNED BY THE / DATE OF HEARING : 25.01.2018 / DATE OF PRONOUNCEMENT: 25.01.2018 2 ITA NO.2003/PUN/2014 MAHENDRA KANTILAL PARMAR ASSESSEE CONSTITUTE SHORT TERM CAPITAL GAINS. WHILE HOLDING SO, AO RELIED ON THE JUDGMENT OF HONBLE CALCUTTA HIGH COURT IN T HE CASE OF GIRISH CHANDRAGUPTA AND TARUNKUMAR DAS 31 TAXMANN 39. CIT(A) AFTER DISCUSSING THE VARIOUS HIGH COURT JUDGMENTS/TRIBUNA L DECISIONS ON THIS ISSUE HELD THAT THE SALE OF THE SAID FLAT IN QUESTION SHOULD BE DECIDED ON THE DATE OF EXECUTION OF THE DOCUME NT AND NOT ON THE DATE OF COMPLETION OF REGISTRATION ALLOWED THE CLAIM OF THE ASSESSEE. 3. AFTER HEARING BOTH THE SIDES, WE FIND THE TAX EFFECT OF RS.6,93,218/- IN THE PRESENT CASE WOULD CERTAINLY BE LESS THAN RS.10 LAKHS CONSIDERING THE RELIEF GRANTED BY THE CIT(A). THEREFOR E, IN VIEW OF CIRCULAR NO.21/2015 DATED 10-12-2015 OF CBDT RAISING T HE MONETARY LIMIT FOR FILING OF APPEALS BY THE DEPARTMENT BEFORE THE TRIBUNAL, WHICH ALSO APPLIES TO PENDING APPEALS FILED BY THE RE VENUE, THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE AND HAS TO BE DISMISSED. IN VIEW OF THE ABOVE, THE APPEAL FILED BY THE RE VENUE IS DISMISSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 25 TH DAY OF JANUARY, 2018 SD/- SD/- (VIKAS AWASTHY) (D. KA RUNAKARA RAO) JUDICIAL MEMBER ACCOU NTANT MEMBER PUNE; DATED : 25 TH JANUARY, 2018 3 ITA NO.2003/PUN/2014 MAHENDRA KANTILAL PARMAR / COPY OF THE ORDER FORWARDED TO : / BY ORDER, //TRUE COPY// //TRUE COPY// SENIOR PRIVAT E SECRETARY , / ITAT, PUNE 1. / THE APPELLANT 2. / THE RESPONDENT 3. THE CIT(A)-II, PUNE 4. CIT-II, PUNE 5. , , A BENCH PUNE; 6. / GUARD FILE.