Sh. Suresh Pal Legal Heir of Sh. Mam Raj, Yamunanagar V. ITO, Yamunanagar

ITA 368/CHANDI/2017

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 5005 (ITAT-CHANDIGARH)
• Duration Of Justice: 1 year(s) 3 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-05-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: Not Allotted
• Assessment Year: 2007-2008
• Appeal Filed On: 23-02-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANJEET SINGH
• Keywords: Fair market value
• Section: 54B; 54F

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH B, CHANDIGARH BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND MS.ANNAPURNA GUPTA, ACCOUNTANT MEMBER ITA NO.368/CHD/2017 ASSESSMENT YEAR: 2007-08 SH. SURESH PAL(LEGAL HEIR OF VS. THE ITO SH. MAM RAJ) WARD-3, VILL: JARODA, TEHSIL JAGADHRI YAMUNA NAGAR YAMUNA NAGAR PAN NO. CKZPP0885K (APPELLANT) (RESPONDENT) ASSESSEE BY : SH. PARIKSHIT AGGARWAL REVENUE BY : SH. MANJEET SINGH DATE OF HEARING : 28/05/2018 DATE OF PRONOUNCEMENT : 28/05/2018 ORDER PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSESS EE AGAINST THE ORDER DATED 16/09/2015 OF THE COMMISSIONER OF INCOME TAX (APPEALS), PANCHKULA [HEREINAFTER REFERRED TO AS CIT(A)]. 2. THE SOLE ISSUE IN THE PRESENT APPEAL IS RELATING TO TAXABILITY OF CAPITAL GAIN EARNED BY THE ASSESSEE ON SALE OF LAND. THE APPEAL IS BARRED BY 365 DAYS. 3. AT THE OUTSET THE LD. COUNSEL FOR THE ASSESSEE H AS BROUGHT OUR ATTENTION TO THE FINDINGS OF THE TRIBUNAL IN CASE OF SH. SHEO RA M VS. THE ITO IN ITA NO. 364/CHD/2017 FOR THE A.Y. 2007-08. THE LD. COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT NOT ONLY THE ISSUE RELATING TO CONDO NATION OF DELAY BUT ALSO THE ISSUE ON MERITS SQUARELY IS COVERED BY THE ABOVE DE CISION OF THE TRIBUNAL. THE FACTS AND CIRCUMSTANCES BEING IDENTICAL. 4. WE HAVE GONE THROUGH THE ORDER OF THE TRIBUNAL D T. 09/04/2018 IN CASE OF SH. SHEO RAM AND FIND THAT IN SIMILAR FACTS AND CIR CUMSTANCES, ON THE ISSUE THE TAXABILITY OF CAPITAL GAIN ON ACCOUNT OF SALE OF LA ND BY ANOTHER OWNER OF THE LAND, THE TRIBUNAL CONSIDERING THE FACTS AND CIRCUM STANCES OF THE CASE HAS 2 CONDONED THE DELAY AND HAS RESTORED THE MATTER BACK TO THE FILE OF AO TO BE ADJUDICATE AFRESH. THE RELEVANT PART OF THE ORDER O F THE TRIBUNAL IS REPRODUCED AS UNDER: 15. CONSIDERING THE ABOVE, IN THE INTEREST OF JUSTI CE, WE RESTORE THE ISSUE BACK TO THE ASSESSING OFFICER FOR THE LIM ITED PURPOSE OF ENABLING THE ASSESSEE TO ESTABLISH THE IDENTITY OF THE FACTS OF THE PRESENT CASE WITH THAT IN THE CASE OF RAJIV KUMAR(S UPRA) AND PURSHOTAM KUMAR (SUPRA) AND DIRECT THE ASSESSING OF FICER TO VERIFY THE CLAIM OF THE ASSESSEE IN THIS REGARD AND THEREA FTER PASS AN ORDER IN ACCORDANCE WITH LAW. THIS GROUND OF APPEAL IS, THEREFORE, ALLOWED FOR STATISTICAL PURPOSES. 16. IN VIEW OF THE RESTORATION OF GROUND OF CHARGIN G OF ENTIRE CAPITAL GAIN TO TAX IN THE IMPUGNED YEAR TO THE ASS ESSING OFFICER, WE FIND THAT THE REMAINING GROUNDS I.E. GROUND NO.2 TO 4, WITH REGARD TO THE CLAIM OF EXEMPTION U/S 54B & 54F O F THE ACT, CONSIDERING FAIR MARKET VALUE OF PROPERTY AND REL ATING TO GRANT OF BENEFIT OF COST OF IMPROVEMENT OF LAND, CANNOT BE A DJUDICATED AT THIS JUNCTURE. THESE ISSUES ARE, THEREFORE, ALSO RE STORED TO THE ASSESSING OFFICER TO BE ADJUDICATED UPON AFRESH AFT ER DECIDING THE MAIN ISSUE IN THE PRESENT APPEAL AS PER OUR DIRECTI ONS WITH REGARD TO GROUND NO.L RAISED BY THE ASSESSEE. THE GROUNDS OF APPEAL NOS.2 TO 4 ARE ALSO, THEREFORE, ALLOWED FOR STATISTICAL P URPOSES. 17. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PA RTLY ALLOWED FOR STATISTICAL PURPOSES. 5. IN VIEW OF THE ABOVE, FOLLOWING THE TRIBUNAL ORD ER DT. 09/04/2018 IN IDENTICAL FACTS AND CIRCUMSTANCES, THE DELAY IN FIL ING THE PRESENT APPEAL IS CONDONED AND THE AO IS DIRECTED TO ADJUDICATE THE M ATTER AFRESH ON THE SAME LINE AND AS PER THE DIRECTIONS AS GIVEN IN SH. SHEO RAMS CASE(SUPRA). 6. AS A RESULT, APPEAL OF THE ASSESSEE IS ALLOWED F OR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (ANNAPURNA GUPTA) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 28/05/2018 AG COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. THE CIT 5. THE DR 3