ITO International Taxation -1, H V. Vijaya Sree Kasubaga, Hyderabad

ITA 208/Hyd/2021

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 6107 (ITAT-HYDERABAD)
• Duration Of Justice: 6 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-12-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-A
• Assessment Year: 2013-2014
• Appeal Filed On: 30-05-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Capital asset; Capital Gains
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad (Through Video Conferencing) Before Shri S.S. Godara, Judicial Member AND Shri Laxmi Prasad Sahu, Accountant Member O R D E R Per S. S. Godara, J.M. This Revenue’s appeal for A.Y. 2013-14 arises from the Commissioner of Income Tax (Appeal), Hyderabad-10’s order dated 09.02.2021 in case No.ITBA/APL/S/250/2020-211030488918(1), involving proceedings u/s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case files perused. 2. Coming to Revenue’s sole substantive grievance that the learned CIT(A) has erred in law and on facts in deleting long term capital gains addition of Rs.2,57,16,690/- made during section 143(3) assessment in issue, we note that the lower appellate discussion to this effect reads as under : ITA No.208/Hyd/2021 Assessment Year: 2013-14 Income Tax Officer, International Taxation – 1, Hyderabad. Vijaya Sree Kasubaga, Hyderabad. PAN : DQSPK1538J. (Appellant) (Respondent) Assessee by: Shri S. Rama Rao Revenue by : Ms. P. Sunitha. Date of hearing: 16/12/2021 Date of pronouncement: 20/12/2021 ITA Nos.208/Hyd/2021 2 ITA Nos.208/Hyd/2021 3 ITA Nos.208/Hyd/2021 4 ITA Nos.208/Hyd/2021 5 ITA Nos.208/Hyd/2021 6 ITA Nos.208/Hyd/2021 7 ITA Nos.208/Hyd/2021 8 ITA Nos.208/Hyd/2021 9 3. We do not find any merit in Revenue’s foregoing grievance. It has come on record that the assessee had transferred the alleged land on 02.08.2012 wherein the Assessing Officer treated it as a “capital asset” in light of G.O.Ms. No.13 dated 21.01.2012 including his village namely, Rangadampally as part of Siddipet municipality. Learned D.R. fails to dispute that hon’ble jurisdictional high court had quashed the said government notification vide judgment dated 03.01.2014 following by the government issuing its G.O.Ms. No.14 dated 14.10.2014 withdrawing the earlier one and succeeded afresh one i.e., G.O.Ms. No.45 dated 13.02.2016. Meaning thereby that the first and foremost government notification dated 21.01.2012 forming basis of the Assessing Officer’s action treating the assessee’s land as a capital asset u/s (14) has to be treated as no more in existence on the date of transfer i.e., 02.08.2012. And that the final one dated 13.02.2016 came to be issued much latter than the clinching date of transfer hereinabove. We hold in light of these clinching facts that the learned CIT(A) has rightly deleted the impugned long term capital gains addition. The Revenue’s contentions seeking to revive the same are rejected accordingly. ITA Nos.208/Hyd/2021 10 4. This Revenue’s appeal is dismissed. Order pronounced in the Open Court on 20 th December, 2021. Sd/- Sd/- (LAXMI PRASAD SAHU) ACCOUNTANT MEMBER (S.S. GODARA) JUDICIAL MEMBER Hyderabad, dated 20 th December, 2021. TYNM/sps Copy to: S.No Addresses 1 Vijay Sree Kasubaga, H.No.16-11-20/65, Ganesh Temple Lane, Saleemnagar, Malakpet, Hyderabad – 500036. 2 The Income Tax Officer (International Taxation)-1, Hyderabad. 3 CIT (A)-10, Hyderabad 4 CIT (IT & TP), Hyderabad 5 DR, ITAT Hyderabad Benches 6 Guard File By Order