M/s. NSR Farms Pvt. Ltd., New Delhi V. ITO, New Delhi

ITA 4807/DEL/2012

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 5383 (ITAT-DELHI)
• Duration Of Justice: 5 year(s) 6 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-04-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: E
• Next Hearing Date: 18-08-2016
• Assessment Year: 2004-2005
• Appeal Filed On: 10-09-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL

Judgement Text

INCOME TAX APPELLATE TRIBUNAL DELHI BENCH E: NEW DELHI BEFORE SHRI G.D. AGRAWAL, HONBLE PRESIDENT AND SHRI KUL BHARAT, JUDICIAL MEMBER ITA NO.:-4807/DEL/2012 ASSESSMENT YEAR: 2004-05 O R D E R PER KUL BHARAT, J.M. THIS APPEAL FILED BY THE ASSESSEE IS DIRECTE D AGAINST THE ORDER OF LD. CIT(A) XVI, NEW DELHI DATED 31.5.2012 WHICH WAS RECALLED TO THE EXTENT OF ADJUDICATING THE ADDITIONAL GROUND. THE APPE AL WAS FIXED FOR HEARING TODAY TO ADJUDICATE THE ADDITIONAL GROUND WHIC H WAS REMAINED TO BE ADJUDICATED. THE ADDITIONAL GROUND RAISED SPEAKS AS UNDER :- NSR FARMS PVT. LTD. 606, CHIRANJIV TOWER, 61, NEHRU PLACE NEW DELHI 110 019 PAN AAACN3068J VS. ITO, WARD 13(1) NEW DELHI. (APPELLANT) (RESPONDENT) ASSESSEE BY: SHRI GAUTAM JAIN, ADVOCATE SHRI PIYUSH KUMAR KAMAL, ADVOCATE DEPARTMENT BY : SHRI SHEFALI SWROOP, CIT,DR DATE OF HEARING 02/04/2018 DATE OF PRONOUNCEMENT /04/2018 2 1. THAT THE LEARNED ASSESSING OFFICER WHILE MAKIN G AN ADDITION ON ACCOUNT OF CAPITAL GAIN ON PROTECTIVE BASIS HAS ERRED BOTH IN LAW AND ON FACTS IN NOT ALLOWING THE EXEMPTION U/S 54EC OF THE ACT. 2. LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ADD ITIONAL GROUND RAISED BY THE ASSESSEE INADVERTENTLY WAS NOT ADJUDIC ATED BY THE TRIBUNAL. HE SUBMITTED THAT THE ASSESSEE CLAIMED EXEMPTIO N U/S 54EC. 3. LD. DR OPPOSED THESE SUBMISSIONS. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSE D THE MATERIAL ON RECORD. AFTER CONSIDERING TOTALITY OF THE FACTS WE DEEM IT APPROPRIATE IN THE INTEREST OF JUSTICE TO RESTORE THE ADDITIONAL GROUND T O THE FILE OF THE AO TO VERIFY THE CLAIM OF THE ASSESSEE IN RESPECT OF THE ELIGIBILITY FOR EXEMPTION U/S 54EC. THE AO WOULD DECIDE THE ISSUE IN THE LIGHT OF THE CASE LAWS AS RELIED BY THE LD. COUNSEL FOR THE ASSESS EE. 5. IN THE RESULT ADDITIONAL GROUND OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 3 RD APRIL, 2018. SD/- SD/- (G.D. AGRAWAL) (KUL BHARAT ) HONBLE PRESIDENT JUDICI AL MEMBER DATED: 03/04/2018 VEENA 3 COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI