N.Bhasker, CHENNAI V. ITO, CHENNAI

ITA 3394/CHNY/2016

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 7965 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-02-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 08-02-2017
• Assessment Year: 2013-2014
• Appeal Filed On: 19-12-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DURAI

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH : CHENNAI . . . , !' . #$#% , & '' ( [BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER ] ./I.T.A. NO.3394/MDS/2016 / ASSESSMENT YEAR : 2013-2014 SHRI.N. BHASKER, NO.9,WADDELS ROAD, KILPAUK, CHENNAI-10. [ PAN AABPB 6775G ] VS. THE INCOME TAX OFFICER, INTERNATIONAL TAXATION WARD I(1), CHENNAI. ( )* / APPELLANT) ( +,)* /RESPONDENT) / APPELLANT BY : NONE /RESPONDENT BY : SHRI. DURAI PANDIAN, IRS, JCIT. /DATE OF HEARING : 08-02-2017 ! /DATE OF PRONOUNCEMENT : 14-02-2017 / O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER IN THIS APPEAL FILED BY THE ASSESSEE, ITS GRIEVAN CE IS THAT INDEXATION BENEFIT CONSIDERING THE PERIOD OF THE OW NERSHIP OF THE PREVIOUS OWNER WAS NOT GIVEN TO IT FOR CALCULATING LONG TERM CAPITAL GAINS. 2. WHEN THE APPEAL WAS CALLED UP, NOBODY APPEARED ON B EHALF OF THE ASSESSEE. HOWEVER, WE FIND THAT SUBJECT PRO PERTY ON WHICH LONG TERM CAPITAL GAINS WAS COMPUTED CAME TO ASSESSEES OWNERSHIP BY VIRTUE OF A WILL DATED 21.08.2000. PROPERTY WAS OW NED BY ASSESSEES ITA NO.3394/MDS/2016 :- 2 -: MOTHER. ASSESSEE HAD SOUGHT INDEXATION CONSIDERING THE PERIOD OF OWNERSHIP OF SMT. LAKSHMIBANU RAO. HOWEVER, LD. AS SESSING OFFICER HAD ALLOWED INDEXATION ONLY FROM FINANCIAL YEAR 200 2-2003 SINCE SMT. LAKSHMIBANU RAO HAD DIED ON 18.01.2003. 3. WE FIND THE ISSUE IN QUESTION IS COVERED BY THE JUD GMENT OF HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. MANJULA J. SHAH 355 ITR 474. LD. COMMISSIONER OF INCOME TAX (APPEALS) HAD NOT FOLLOWED THE ABOVE JUDGMENT CITING A PENDING SPECIAL LEAVE P ETITION (SLP) FILED BY THE DEPARTMENT AGAINST ABOVE JUDGMENT. WE FIND THAT SLP WAS ALREADY DISMISSED BY THE HONBLE APEX COURT. WHEN A PROPERTY COME TO ASSESSEE BY VIRTUE OF SUCCESSION, INHERITANCE OR DEVOLUTION , ITS YEAR OF ACQUISITION SHOULD BE DEEMED AS THE YEAR OF ACQ UISITION BY THE PREVIOUS OWNER FOR THE PURPOSE OF INDEXATION. THERE FORE, WE ARE OF THE OPINION THAT ASSESSEE HAS TO SUCCEED IN THIS APPEAL . 4. IN THE RESULT, APPEAL OF THE ASSESSEE STANDS ALLOWE D. ORDER PRONOUNCED ON TUESDAY, THE 14TH DAY OF FEBRUA RY, 2017, AT CHENNAI. SD/- SD/- ( . . . ' ) (N.R.S. GANESAN) / JUDICIAL MEMBER ( !' . #$#% ) (ABRAHAM P. GEORGE) & / ACCOUNTANT MEMBER #$ / CHENNAI %& / DATED:14TH FEBRUARY, 2017 KV &' ()*) / COPY TO: 1. / APPELLANT 3. +,' / CIT(A) 5. )-. / / DR 2. / RESPONDENT 4. + / CIT 6. .01 / GF