IMTIAZ SATTAR OOMMERBHOY, MUMBAI V. ITO 8(2)(4), MUMBAI

ITA 3253/MUM/2016

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 9410 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-09-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: H
• Next Hearing Date: 28-06-2017
• Assessment Year: 2011-2012
• Appeal Filed On: 09-05-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: M C OMI NINGSHENDR

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES H, MUMBAI , , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA NO.3253/MUM/2016 ASSESSMENT YEAR: 2011-12 IMTIAZ SATTAR OOMERBHOY, D.S. ACHARYA & CO. CHARTERED ACCOUNTANTS, 513, ARUN CHAMBERS, 5 TH FLOOR, TARDEO ROAD, MUMBAI-400034 / VS. INCOME TAX OFFICER-010(1)(4), 4 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI-400020 ( !' /ASSESSEE) ( # / REVENUE) PAN. NO. AAAPO 0571C $ #% & ' / DATE OF HEARING : 28/09/2017 & ' / DATE OF ORDER: 03/10/2017 !' ! / ASSESSEE BY SHRI HIRO RAI # ! / REVENUE BY SHRI M.C. OMI NINGSHEN-DR ITA NO.3253/MUM/2016 IMTIAZ SATTAR OOMMERBHOY 2 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE ASSESSEE IS IN APPEAL, CHALLENGING THE IMPUGNED ORDER DATED 29/03/2016 OF THE FIRST APPELLATE AUTHO RITY, MUMBAI, WITH RESPECT TO COMPUTATION OF CAPITAL GAIN S AND INDEXATION. 2. DURING HEARING, SHRI HIRO RAI, LD. COUNSEL FOR THE ASSESSEE, MOVED APPLICATION WITH A REQUEST TO WITHD RAW THE APPEAL FILED BY THE ASSESSEE. ON THE OTHER HAND, SH RI M.C. OMI NINGSHEN, LD. DR, HAD NO OBJECTION TO THE REQUE ST OF THE ASSESSEE. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IN THE PR ESENT APPEAL, THE ASSESSEE DECLARED INCOME OF ` 50,60,040/- IN HIS RETURN FILED ON 24/09/2011. APART FROM OTHER DETAI LS, THE LD. ASSESSING OFFICER ASKED FOR THE DETAILS WITH RE SPECT TO LONG TERM CAPITAL GAINS OF ` 29,98,859/-, WHICH WAS CLAIMED TO BE ALONG WITH OTHER FAMILY MEMBERS. THE FIRM WA S CARRYING ON BUSINESS OF MANUFACTURER OF SOAPS AND DETERGENT, ETC. THE ASSESSEE ALONG WITH THE OTHER F AMILY ITA NO.3253/MUM/2016 IMTIAZ SATTAR OOMMERBHOY 3 MEMBERS SOLD THE RESPECTIVE INTEREST IN THE PROPERT IES AND ALLOWED POSSESSION TO THE BUYER ALONG WITH RIGHTS. THE ASSESSEE CLAIMED THAT HE DOES NOT OWN RESIDENTIAL H OUSE AND INVESTED SUBSTANTIAL SUM OF HIS SHARES OF THE P ROCEEDS IN A RESIDENTIAL PROPERTY. THE LD. ASSESSING OFFICE R DID NOT GRANT INDEXATION FROM 01/04/1998 BUT GRANTED FROM T HE BASE YEAR I.E. 1991-92, THE YEAR IN WHICH DISSOLUTI ON NOTICE WAS GIVEN TO THE FIRM BY THE PARTNERS. WITHOUT GO ING INTO MUCH DELIBERATION, SINCE THE ASSESSEE WANTS TO WITH DRAW THE APPEAL THEREFORE, CONSIDERING THE APPLICATION OF TH E ASSESSEE, THIS APPEAL IS DISMISSED AS WITHDRAWN. FINALLY, THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF THE LD. REPRESENTATIVE FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON 29/09/2017 SD/- SD/- ( RAMIT KOCHAR ) (JOGINDER SINGH) '!# / ACCOUNTANT MEMBER $!# /JUDICIAL MEMBER $ % MUMBAI; ) DATED : 03/10/2017 F{X~{T? P.S/. .. ITA NO.3253/MUM/2016 IMTIAZ SATTAR OOMMERBHOY 4 %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. +,-. / THE APPELLANT 2. /0-. / THE RESPONDENT. 3. 1 1 $ 2 ( +, ) / THE CIT, MUMBAI. 4. 1 1 $ 2 / CIT(A)- , MUMBAI 5. 4#5 / , 1 +, ' + 6 , $ % / DR, ITAT, MUMBAI 6. 7! 8% / GUARD FILE. ! / BY ORDER, 04, / //TRUE COPY// /! (DY./ASSTT. REGISTRAR) , $ % / ITAT, MUMBAI