SHARAD GUPTA, Ajmer V. ITO, Ajmer

ITA 248/JPR/2015

• Counselvise Citation: 24823114 RSA 2015
• Duration Of Justice: 7 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-11-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 13-03-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: O P BHATEJA
• Assessee Lawyers: MANISH AGARWAL
• Keywords: Sale consideration of property below Jantri Value; Capital asset
• Section: 43CA; 50C

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES SMC, JAIPUR JH IH-DS-CALY] YS[KK LNL; DS LE{K BEFORE: SHRI P.K. BANSAL, ACCOUNTANT MEMBER VK;DJ VIHY LA- @ ITA NO. 248/JP/2015 FU/KZKJ.K O'K Z @ ASSESSMENT YEAR : 2009-10 SHARAD GUPTA, 6, GOVIND NAGAR, RAMGANJ, AJMER. CUKE VS. INCOME TAX OFFICER, WARD 1(2), AJMER. LFKK;H YS[KK LA-@THVKBZVKJ L A-@ PAN/GIR NO.: ABMPG 5519 K VIHYKFKHZ @ APPELLANT IZR;FKHZ @ RESPONDENT FU/KZKFJRH DH VKSJ LS @ ASSESSEE BY : SHRI MANISH AGARWAL (CA) JKTLO DH VKSJ LS @ REVENUE BY : SHRI O.P. BHATEJA (ADDL.CIT) LQUOKBZ DH RKJH[ K@ DATE OF HEARING : 05/11/2015 MN?KKS'K .KK DH RKJH[ K @ DATE OF PRONOUNCEMENT : 06/11/2015 VKNS'K @ ORDER PER P.K. BANSAL, A.M. THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER DATED 16/01/2015 PASSED BY THE LD CIT(A), AJMER FOR A.Y. 2 009-10. THE ONLY ISSUE INVOLVED IN THIS APPEAL RELATE TO APPLICABILI TY OF THE PROVISION OF SECTION 50C ON THE PROPERTY, WHICH WAS HELD BY THE AS SESSEE AS STOCK IN TRADE IN ITS BUSINESS. 2. AFTER HEARING THE RIVAL SUBMISSIONS OF THE BOTH THE PARTIES AND CONSIDERED THE SAME AND GOING THROUGH THE ORDERS OF THE TAX AUTHORITIES ITA 248/JP/2015_ SHARAD GUPTA VS ITO 2 BELOW, I NOTED THAT THE PROVISIONS OF SECTION 50C O F THE INCOME TAX ACT, 1961 (IN SHORT THE ACT) WERE APPLICABLE ONLY IN RESP ECT OF AN INCOME WHICH IS CHARGEABLE TO TAX UNDER THE HEAD INCOME FROM CAP ITAL GAIN I.E. THE GAIN ARISING AS A RESULT OF TRANSFER BY AN ASSESSEE OF A CAPITAL ASSET. WHERE THE ASSESSEE HAS NOT TRANSFERRED THE CAPITAL ASSET BUT THE BUSINESS ASSETS, THE PROVISIONS OF SECTION 50C OF THE ACT ARE NOT APPLIC ABLE. ITS ONLY SECTION 43CA, WHICH TALKS OF APPLICABILITY OF SECTION 50C IN RESPECT OF AN ASSET OTHER THAN A CAPITAL ASSET. SECTION 43CA HAS BEEN I NSERTED BY THE FINANCE ACT, 2013 W.E.F. 01/4/2014. THE IMPUGNED ASSESSMENT Y EAR ME IS ASSESSMENT YEAR 2009-10. THE PROVISIONS OF SECTION 43CA WERE NOT IN THE STATUTE WHEN THE ASSESSEE HAS TRANSFERRED THE PROPER TY HELD AT BUSINESS ASSET. I, THEREFORE, SET ASIDE THE ORDER OF THE LD CIT(A) AND DELETE THE ADDITION MADE BY THE ASSESSING OFFICER. 3. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS A LLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 06/11/2015. SD/- IH-DS-CALY (P.K. BANSAL) YS[KK LNL;@ ACCOUNTANT MEMBER TK;IQJ @ JAIPUR FNUKAD @ DATED:- 06 TH NOVEMBER, 2015 *RANJAN VKNS'K DH IZFRFYFI VXZSFKR @ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ @ THE APPELLANT- SHRI SHARAD GUPTA, AJMER. ITA 248/JP/2015_ SHARAD GUPTA VS ITO 3 2. IZR;FKHZ @ THE RESPONDENT- THE ITO, WARD 1(2), AJMER. 3. VK;DJ VK;QDR @ CIT 4. VK;DJ VK;QDR @ CIT(A) 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ @ DR, ITAT, JAIPUR 6. XKMZ QKBZY @ GUARD FILE (ITA NO. 248/JP/2015) VKNS'KKUQLKJ @ BY ORDER, LGK;D IATHDKJ @ ASST. REGISTRAR