Mrs Anagha Vijay deshmukh, Pune V. Deputy Commissioner of Income-Tax, CPC, Bangalore

ITA 36/PUN/2022

AI Insights

The case involves Anagha Vijay Deshmukh, the appellant, contesting the denial of set off for a brought forward loss of Rs.6,14,456 against her capital gains income for the assessment year 2017-18. The loss had been previously disallowed for the assessment year 2015-16 due to issues with the validity of the return filed under sections 139(1) and 139(3) of the Income-tax Act, 1961. However, a separate Tribunal decision for the 2015-16 assessment year later accepted the carry forward of this loss, which led to the current appeal to allow the set off in 2017-18.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137790 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-01-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 24-01-2023
• Assessment Year: 2017-2018
• Appeal Filed On: 11-01-2022
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Capital Gains

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH, ‘A’ PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. /ITA No.36/PUN/2022 नधा रण वष / Assessment Year : 2017-18 Anagha Vijay Deshmukh, C/o. Shri Jaysing Laxmanrao Deshmukh, E-701, Waterfront Apartments, Kalyani Nagar, Yerawada, Pune 411 006 Maharashtra PAN : CBPPD3956E Vs. DCIT, CPC, Bengaluru Appellant Respondent आदेश / ORDER PER R.S. SYAL, VP : This appeal by the assessee is directed against the order dated 16-11-2011 passed by the ld. CIT(A) in National Faceless Appeal Centre, Delhi u/s.250 of the Income-tax Act, 1961 (hereinafter also called `the Act’) in relation to the assessment years 2017-18. 2. The only issue in this appeal is against not allowing set off of brought forward loss of Rs.6,14,456/- against the income under the head ‘Capital gains’. Assessee by Ms. Seema M. Lonkar Revenue by Shri Ramnath P. Murkunde Date of hearing 25-01-2023 Date of pronouncement 30-01-2023 ITA No.36/PUN/2022 Anagha Vijay Deshmukh 2 3. Briefly stated, the facts of the case are that the assessee filed her return claiming set off of the brought forward loss under the head ‘Capital gains’ amounting to Rs.6,14,456/-. Since the claim of the assessee for having validly filed a return u/s.139(1) read with 139(3) of the Act was rejected for the assessment year 2015-16, the benefit of such loss was also negatived for set off in the year under consideration. 4. We have passed a separate order for the A.Y. 2015-16 accepting the assessee’s claim for allowing carry forward of loss under the head ‘Capital gains’ amounting to Rs.6,14,456/-. The consequential effect of the Tribunal order for the A.Y. 2015-16 is that such loss will be available for set off against the income under the head ‘Capital gains’ for the year under consideration. We, therefore, vacate the impugned order to this extent. 5. In the result, the appeal is allowed. Order pronounced in the Open Court on 30 th January, 2023. Sd/- Sd/- (S.S. VISWANETHRA RAVI) (R.S.SYAL) JUDICIAL MEMBER VICE PRESIDENT पुणे Pune; िदनांक Dated : 30 th January, 2023 सतीश ITA No.36/PUN/2022 Anagha Vijay Deshmukh 3 आदेश की ितिलिप अ ेिषत/Copy of the Order is forwarded to: 1. अपीलाथ / The Appellant; 2. थ / The Respondent 3. The CIT(A) concerned, Pune 4. 5. The Pr.CIT concerned, Pune DR, ITAT, ‘A’ Bench, Pune 6. गाड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune Date 1. Draft dictated on 25-01-2023 Sr.PS 2. Draft placed before author 25-01-2023 Sr.PS 3. Draft proposed & placed before the second member JM 4. Draft discussed/approved by Second Member. JM 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *