Late-Satyabhama Salarpuria,L/h Srhi Ram Prasad Salarpuria, Kolkata V. ACIT-Circle-54, Kolkata, Kolkata

ITA 2387/KOL/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 4923 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 7 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-05-2016
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 20-09-2013
• Court: TRIBUNAL
• Keywords: Opportunity of being heard; Cost of acquisition

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOL KATA [BEFORE SHRI N. V. VASUDEVAN, JM & SHRI M. BALAGAN ESH, AM] I.T.A NO.2387/KOL/2013 ASSESSMENT YEAR: 2009-10 LATE SATYABHAMA SALARPURIA (REP. BY VS. ASSISTANT COMMISSIONER OF INCOME-TAX, L/H SHRI RAM PRASAD SALARPURIA) CIRCLE-45(ADMN), KOLKATA. (PAN: ALMPS2607Q) ( APPELLANT ) ( RESPONDENT ) DATE OF HEARING: 09.05.2016 DATE OF PRONOUNCEMENT: 13.05.2016 FOR THE APPELLANT: S/SHRI S. JHAJHARIA, AR & SUJOY SEN, AR FOR THE RESPONDENT: MD. GHAYASUDDIN ANSARI, CIT, DR ORDER PER SHRI BALAGANESH, AM: THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A)-XXXVI, KOLKATA VIDE APPEAL NO. 634/CIT(A)-XXXVI/KOL/10-11/690 DATED 26. 07.2013. INTIMATION U/S. 143(1) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REF ERRED TO AS THE ACT) WAS ISSUED BY ACIT, CIR-45 (ADMN) VIDE DATED 07.02.2011. 2. THE ASSESSEE HAS RAISED FOLLOWING GROUNDS: 1. FOR THAT IN VIEW OF THE FACTS AND CIRCUMSTANCE S OF THE CASE THE LD. CIT(A) WAS WHOLLY WRONG AND UNJUSTIFIED IN CONFIRMING THE A.O'S ACTIO N IN ENHANCING THE INCOME UNDER THE HEAD' LONG TERM CAPITAL GAIN' EARNED DURING THE YEA R UNDER APPEAL I.E A.Y 2009-10 IN THE INTIMATION U/S 143(1) OF THE ACT BY A SUM OF RS.19,97,050/- ( R/O) WITHOUT ASSIGNING ANY REASON FOR MAKING SUCH ENHANCEMENT BY THE A.O A ND CONFIRMATION OF THE SAME IN APPEAL ( ASSESSED FIGURE RS.L ,64,20,396/- LESS RET URNED FIGURE RS.1 ,44,23,343/-, BOTH THE ASSESSED AND RETURNED FIGURES OF L.T.C.G ARE PRIOR TO SETTING OFF B/F LONG TERM CAPITAL LOSS OF RS. 87,656/- FOR THE PRECEDING A. Y 2008-09 ). THE ACTIONS OF THE A.O AND THE LD. CIT(A) WERE WHOL LY UNREASONABLE, UNCALLED FOR AND BAD IN LAW. 2. FOR THAT IN VIEW OF THE FACTS AND CIRCUMSTANCES OF THE CASE THE LD. CITCA) WAS WHOLLY WRONG AND UNJUSTIFIED IN CONFIRMING THE A.O'S ACTIO N IN THE CONSEQUENTIAL ENHANCEMENT OF THE TOTAL INCOME IN THE SAID INTIMATION U/S 143( 1) BY THE SAID SUM OF RS.19,97,050/- WITHOUT ASSIGNING ANY REASON FOR MAKING SUCH ENHANC EMENT BY THE A.O AND CONFIRMATION OF THE SAME IN APPEAL ( ASSESSED TOTAL INCOME RS.2, 23,42,890/- LESS RETURNED TOTAL INCOME RS.2,03,45,840/- ). THE ACTIONS OF THE A.O AND THE LD. CIT(A) WERE WHOL LY UNREASONABLE, UNCALLED FOR AND BAD IN LAW. 2 ITA NO.2387/K/2013 LATE SATYABAHMA SALARPURIA AY 2009-10 3. BRIEF FACTS OF THE ISSUE ARE THAT THE RETURN OF INCOME WAS FILED BY THE ASSESSEE FOR AY 2009-10 ON 13.07.2009 DECLARING TAXABLE INCOME O F RS.2,03,45,840/- WHICH INCLUDED LONG TERM CAPITAL GAINS (LTCG) OF RS.1,44, 23,343/-. THE ASSESSEE COMPUTED LTCG WHICH IS ANNEXED TO THIS ORDER AS SEP ARATE SHEET. 4. THE ASSESSMENT WAS COMPLETED U/S. 143(1) OF THE ACT BY THE LD. AO AT RS.2,23,42,890/- WHICH INCLUDED LTCG OF RS.1,63,32, 740/- WHICH ADMITTEDLY WAS ARRIVED AT , WITHOUT GIVING DEDUCTION TOWARDS INDEX ED COST OF ACQUISITION OF SHARES OF SBI AMOUNTING TO RS.19,97,053/- AND SET OFF OF BROU GHT FORWARD LOSS OF RS.87,656/-. 5. ON FIRST APPEAL, THE LD. CIT(A) REPRODUCED THE E -FILED RETURN OF THE ASSESSEE IN HIS ORDER AND MENTIONED THE LTCG FIGURE AT RS.1,64, 20,396/- AND UPHELD THE INTIMATION U/S. 143(1) OF THE ACT TO BE CORRECT. AGGRIEVED, A SSESSEE IS IN APPEAL BEFORE US. THE LD. AR FILED THE FULL SET OF E-FILED RETURN FOR AY 2009 -10 AND TOOK US TO THE RELEVANT PORTION OF THE LTCG FIGURE DISCLOSED IN THE SAID RETURN. 6. WE HAVE HEARD RIVAL SUBMISSIONS AND GONE THROUGH THE MATERIAL AVAILABLE ON RECORD. WE FIND THAT BOTH THE LEARNED AR AND LEARN ED DR FAIRLY AGREED FOR ASCERTAINING OF REAL FACTS BY THE LEARNED AO WITH R EGARD TO THE DISCLOSURE OF LTCG BY THE ASSESSEE FROM THE ELECTRONICALLY FILED RETURN O F INCOME. ACCORDINGLY, IN THE FACTS AND CIRCUMSTANCES, WE DEEM IT FIT AND APPROPRIATE IN TH E INTEREST OF JUSTICE AND FAIR PLAY TO SET ASIDE THIS ISSUE TO THE FILE OF THE LD. AO TO HAVE A REVISIT ON THE IMPUGNED ISSUE AFRESH, BY VERIFICATION OF THE FIGURES OF LTCG IN THE RETUR N VIS A VIS THE WORKINGS OF THE ASSESSEE AND DISPOSE THE ISSUE IN ACCORDANCE WITH L AW. NEEDLESS TO MENTION THAT, THE ASSESSEE SHOULD BE GIVEN REASONABLE OPPORTUNITY OF BEING HEARD. 7. IN THE RESULT, THE APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 8. ORDER IS PRONOUNCED IN THE OPEN COURT ON 13.05.2 016 SD/- SD/- (N. V. VASUDEVAN) (M. BALAGANESH) JUDICIAL MEMBER ACCOUNTAN T MEMBER DATED : 13 TH MAY, 2016 JD.(SR.P.S.) 3 ITA NO.2387/K/2013 LATE SATYABAHMA SALARPURIA AY 2009-10 COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT LATE SATYABHAMA SALARPURIA, REP. BY L/ H SRI RAM PRASAD SALARPURIA, LAHA PAIN HOUSE, 7, CHITTA RANJA N AVENUE, KOLKATA- 700 027. 2 RESPONDENT ACIT, CIR-45(ADMN.), KOLKATA. 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR . 4 ITA NO.2387/K/2013 LATE SATYABAHMA SALARPURIA AY 2009-10