Income tax Officer, Ward 5(4), Nagpur V. Shri Satish Vasudev Mirani, Nagpur

ITA 364/NAG/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3910 (ITAT-NAGPUR)
• Duration Of Justice: 7 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-04-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2005-2006
• Appeal Filed On: 31-08-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: J M RANDE

Judgement Text

, - IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR , BENCH , ( E - COURT), MUMBAI , BEFORE SHRI R.K.GUPTA , J M & SHRI D.KARUNA KAR RAO , A M ITA NO. 364 / N AG / 20 12 ( ASSESSMENT YEAR :200 5 - 200 6 ) ITO WARD - 5 ( 4 ), SARAF CHAMBERS, SADAR, NAGPUR - 01 VS. SATISH VASUDEV MIRANI, 284, DHARAMPETH EXTENSION, NAGPUR - 440 010 PAN/GIR NO. : A AUPM 1415 F ( APPELLANT ) .. ( RESPONDENT ) /ASSESSEE BY : MR. PRAKASH MANE /REVENUE BY : MR. J.M.RANDE DATE OF HEARING : 8 TH MARCH ., 201 3 DA TE OF PRONOUNCEMENT : 03/04/ 201 3 O R D E R P ER SHRI R.K.G UPTA, JM : TH E DEPARTMENT HAS PREFERRED THIS APPEAL BEFORE THE ITAT NAGPUR BENCH, NAGPUR, AGAINST THE ORDER DATED 13 - 6 - 2012 OF LEANED CIT(A) - I I , NAGPUR (MAHARASHTRA) R ELA TING TO THE ASSESSMENT YEAR 200 5 - 0 6 , WHICH HAS BEEN HEARD THROUGH E - COURT, MUMBAI. 2 . THE DEPARTMENT IS OBJECTING IN GRANTING DEDUCTION UNDER SECTION 54EC OF THE ACT . 3 . THE AO DISALLOWED THE DEDUCTION UNDER SECTION 54EC BY OBSERVING THAT THE ASSESSEE HAS INVESTED THE FUNDS OF RS. 16 LAKHS ITA NO. 364 /20 12 2 BEYOND SIX MONTHS. THEREFORE, THEY WERE NOT ALLOWABLE. THIS INFERENCE BY THE AO WAS ON THE BASIS OF AGREEMENT OF SALE. LEARNED CIT(A) AFTER ASCERTAINING THE FACTUAL ASPECT ALLOWED THE APPEAL OF THE ASSESSEE. LEARNED C IT(A) HAS NOTICED THAT THE ASSESSEE HAS ACTUALLY GIVEN THE POSSESSION ON 20 - 1 - 2005 THROUGH THE POSSESSION LETTER, COPY OF THE SAME WAS CONSIDERED BY THE CIT(A) , WHICH WAS FILED BEFORE HIM. LEARNED CIT(A) NOTICED THAT THE AMOUNT OF RS. 16,00,000/ - WAS INVES TED ON 10 - 3 - 2005 , WHICH IS WELL WITHIN THE TIME OF SIX MONTHS. ACCORDINGLY, AO WAS DIRECTED TO ALLOW DEDUCTION UNDER SECTION 54EC. 4 . AFTER CONSIDERING THE ORDER OF THE AO AND THE CIT(A), WE FIND NO INFIRMITY IN THE FINDING OF THE LEARNED CIT(A) , WHO HAS DIRECTED THE AO TO ALLOW DEDUCTION UNDER SECTION 54EC AS THE AMOUNT OF INVESTMENT WAS MADE WITHIN THE PERIOD OF SIX MONTHS PROVIDED AS PER THE PROVISION OF LAW. ACCORDINGLY, WE DISMISS THE APPEAL OF THE DEPARTMENT AND CONFIRM THE ORDER OF THE LEA RNED CIT( A) ON THIS ISSUE ALSO. 5 . RESULTANTLY , APPEAL OF THE DEPARTMENT I S DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 3 RD DAY OF A PR .201 3 . 201 3 SD/ - SD/ - ( ) ( D.KARUNAKAR RAO ) ( ) ( R.K.GUPTA ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI ; DATED : 0 3 / 0 4 / 201 3 . /PKM , PS ITA NO. 364 /20 12 3 COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. / THE CIT(A) , MUMBAI / NAGPUR . 4. / CIT 5. / DR, ITAT, MUMBAI / NAGPUR . 6. GUARD FILE. //TRUE COPY// / BY ORDER, ( ASSTT. REGISTRAR) / ITAT, MUMBAI