Smt. Premlata jain, Indore V. ITO 5(1), Indore, Indore

ITA 595/Ind/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0871 (ITAT-INDORE)
• Duration Of Justice: 4 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-11-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 18-06-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R S AMBEDKAR
• Assessee Lawyers: AT EE K BANSAL
• Section: 143(3); 54

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL INDORE SMC BENCH, INDORE BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER ITA NO. 595/IND/2018 ASSESSMENT YEAR: 2014-15 SMT. PREMLATA JAIN, 89, RAVINDRA NAGAR, NEW PALASIA INDORE PAN ADOPJ8776B :: APPELLANT VS ITO, 5(1), INDORE :: RESPONDEN T APPELLANT BY SHRI AT EE K BANSAL , CA REVENUE BY SHRI R.S. AMBEDKAR , SR. DR DATE OF HEARING 14.11 .2018 DATE OF PRONOUNCEMENT 16 .1 1 .2018 O R D E R THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE OR DER OF COMMISSIONER OF INCOME TAX (APPEALS)-II, INDORE DAT ED 12.03.2018 PERTAINING TO A.Y. 2014-15. THE ASSESSEE HAS RAISED FOLLOWING GROUNDS OF APPEAL: 1. THE ORDER OF THE LD. ITO WAS CONFIRMED BY THE C IT(A) WHERE HE ERRED LEGALLY AND ON FACTS ALSO BY CONFIRM ING THE ADDITION OF TRANSFER EXPENSES OF RS.2,34,650/- IN C APITAL GAIN DESPITE THE FACT THAT DEDUCTION U/S 54 WAS AVAILABL E. SMC SMT. PREMLATA JAIN ITA NO.595 OF 2018 2 2. BRIEFLY STATED THE FACTS ARE THAT THE CASE OF TH E ASSESSEE WAS PICKED UP FOR SCRUTINY ASSESSMENT AND THE ASSESSMEN T U/S 143(3) OF THE INCOME TAX ACT 1961(HEREINAFTER CALLE D AS THE ACT) WAS FRAMED VIDE ORDER DATED 01.09.2016 WHILE FRAMIN G THE ASSESSMENT, THE ASSESSING OFFICER DISALLOWED THE TR ANSFER EXPENSES OF RS.2,34,650/- AS CLAIMED BY THE ASSESSE E. 3. AGGRIEVED BY THIS ORDER THE ASSESSEE PREFERRED A N APPEAL BEFORE THE LD. CIT(A) WHO AFTER CONSIDERING THE SUBMISSION S PARTLY ALLOWED THE APPEAL BY GIVING DIRECTION TO THE ASSES SING OFFICER TO CONSIDER THE EXPENSES IN COMPUTING THE INCOME OF CA PITAL GAIN. 4. LD. COUNSEL FOR THE ASSESSEE REITERATED THE SUBM ISSIONS AS MADE IN THE WRITTEN SUBMISSIONS. LD. COUNSEL FOR TH E ASSESSEE SUBMITTED THAT NO CAPITAL GAIN WOULD BE PAYABLE BY THE ASSESSEE, IF THE DEDUCTION U/S 54 OF THE ACT IS ALLOWED. HE S UBMITTED THAT BEFORE THE ASSESSING OFFICER ALSO THIS GROUND WAS T AKEN. HE HAS DRAWN MY ATTENTION TO PAPER BOOK PAGES 23 & 24. HE, THEREFORE, SUBMITTED THAT IF THE BENEFIT OF SECTION 54 OF THE ACT IS GIVEN IN THAT EVENT NO CAPITAL GAIN WOULD BE PAYABLE BY THE ASSESSEE. 5. LD. DEPARTMENTAL REPRESENTATIVE (DR) OPPOSED THE SUBMISSION AND SUPPORTED THE ORDERS OF THE AUTHORITIES BELOW. SMC SMT. PREMLATA JAIN ITA NO.595 OF 2018 3 6. I HAVE HEARD BOTH THE PARTIES AND PERUSED THE MATER IAL ON RECORD AND GONE THROUGH ORDERS OF AUTHORITIES BELOW . FROM THE RECORDS, IT IS NOTICED THAT BOTH AUTHORITIES BELOW HAVE NOT ADVERTED ON THE CLAIM OF SECTION 54 OF THE ACT, THE REFORE, CONSIDERING THE TOTALITY OF THE FACT THE IMPUGNED O RDER IS SET ASIDE AND ISSUE RELATING TO CLAIM U/S 54 OF THE ASSESSEE IS TO RESTORE TO THE FILE OF ASSESSING OFFICER TO RECONSIDER THE SAM E AND DECIDE IN ACCORDANCE WITH LAW. GROUND RAISED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 7. IN RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSED. ORDER WAS PRONOUNCED IN THE OPEN COURT ON 16.11.201 8. SD/- (KUL BHARAT) JUDICIAL MEMBER DATED : 16.11.2018 PATEL COPY TO: APPELLANT/RESPONDENT/PR.CIT(A)/PR.CIT/DR, INDORE ASSISTANT REGISTRAR, INDORE