Kelkar Brothers Sales Pvt. Ltd, Pune V. Income-Tax Officer, Ward-14(2), Pune

ITA 438/PUN/2020

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 1501 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 2 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-08-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2013-2014
• Appeal Filed On: 25-06-2020
• Result in Favour of: Matter Remanded
• Court: TRIBUNAL
• Keywords: Cost of acquisition; Capital Gains
• Section: 263; 143(3)

Judgement Text

आयकर अपीऱीय अधिकरण “ए” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI S.S.GODARA, JM AND SHRI DR. DIPAK P. RIPOTE, AM आयकर अपीऱ सं. / ITA No.438/PUN/2020 ननधधारण वषा / Assessment Year : 2013-14 Kelkar Brothers Sales Pvt.Ltd., 711, Narayan Peth, Laxmi Road, Pune – 411 030 PAN : AAACK8688B .......अपऩलधथी / Appellant बनधम / V/s. ITO, Wd 14(2), Pune ......प्रत्यथी / Respondent Assessee by : Shri C.V.Deshpande Revenue by : Shri Arvind Desai सपनवधई की तधरऩख / Date of Hearing : 21.06.2022 घोषणध की तधरऩख / Date of Pronouncement : 29.08.2022 आदेश / ORDER PER S. S. GODARA, JM : 1. This assessee’s appeal for A.Y. 2013-14 is directed against the CIT(A)-7, Pune’s order dated 01/07/2019 passed in case No. PN/CIT(A)-7/Wd- 14/10301/2018-19 involving proceeding u/s. 143(3) of the Income Tax Act, 1961; in short "the Act”. Heard both the parties. Case file perused. 2 ITA No.438/PUN/2020 A.Y. : 2013-14 Kelkar Brothers Sales Pvt.Ltd., 2. The assessee raises the following twin substantive ground in the instant appeal. “1. On facts and in the circumstances of the case and in law the learned assessing officer erred in granting indexation for working out long term capital gains on sale of immovable property from the FY 2005- 06 instead of FY 2002-03. 2. On facts and in the circumstances of the case and in law the learned assessing officer erred in not recognizing the legal ownership of the assessee company of the immovable property sold in the instant year from FY 2002-03 on the basis of agreement to sale thereby depriving the assessee the benefit of indexation from FY 2002-03 and working out incorrect capital gains amounting to Rs.553929/-” 3. A perusal of the case records and more particularly the CIT(A) order in para 5.1 page 4 suggests that he has not even entertained the assessee’s lower appeal on account of the fact that the Assessing Officer has declined its cost of acquisition as per the PCIT -6, Pune’s section 263 revision directions dated 09.03.2018. It is in this clinching backdrop of facts that we see no merit in the lower appellate discussion as it has not adjudicated the taxpayer’s corresponding substantive grounds on merits in light of section 250(6) of the Act requiring of framing of points of determination followed by a detailed discussion thereupon. It is further made clear that any assessment framed even consequence to section 263 revision directions always forms subject matter of appellate remedy provide under the statute. Faced with the 3 ITA No.438/PUN/2020 A.Y. : 2013-14 Kelkar Brothers Sales Pvt.Ltd., situation, we restore the assessee’s instant substantive ground(s) back to the CIT(A) for his afresh adjudication on merit as per law. Ordered accordingly. 4. This assessee’s appeal is allowed for statistical purpose in above terms. Order pronounced in the Open Court on this 29 th day of August, 2022. Sd/- Sd/- (DR.DIPAK P.RIPOTE) (S.S. GODARA) लेखध सदस्य/ ACCOUNTANT MEMBER न्यधनयक सदस्य/JUDICIAL MEMBER पपणे / Pune; ददनधांक / Dated : 29 th August, 2022. Ashwini आदेश की प्रनतनलनप अग्रेनषत / Copy of the Order forwarded to : 1. अपऩलधथी / The Appellant. 2. प्रत्यथी / The Respondent. 3. The CIT(A)-7, Pune. 4. The Pr.CIT-6, Pune. 5. नवभधगऩय प्रनतनननध, आयकर अपऩलऩय अनधकरण, “ए” बेंच, पपणे / DR, ITAT, “A” Bench, Pune. 6. गधर्ा फ़धइल / Guard File. आदेशधनपसधर / BY ORDER, // True Copy // Senior Private Secretary आयकर अपऩलऩय अनधकरण, पपणे / ITAT, Pune. 4 ITA No.438/PUN/2020 A.Y. : 2013-14 Kelkar Brothers Sales Pvt.Ltd., S.No. Details Date Initials 1 Draft dictated on 21.06.2022 2 Draft placed before author 25.08.2022 3 Draft proposed & placed before the Second Member 4 Draft discussed/approved by Second Member 5 Approved Draft comes to the Sr. PS/PS 6 Kept for pronouncement on 7 Date of uploading of Order 8 File sent to Bench Clerk 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order