INCOME TAX OFFICER, WARD-2-1, ALWAR V. SHRI RAJENDRA YADAV, ALWAR

ITA 729/JPR/2017

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 1856 (ITAT-JAIPUR)
• Duration Of Justice: 2 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Appeal Filed On: 28-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R A VERMA
• Assessee Lawyers: P C PARWAL CA DHK
• Keywords: Tax effect
• Section: 54F

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR JH FOT; IKY JKO] U;KF;D LNL; ,OA JH HKKXPAN] YS[KK LNL; DS LE{K BEFORE: SHRI VIJAY PAL RAO, JM & SHRI BHAGCHAND, A M VK;DJ VIHY LA-@ ITA NO. 729/JP/2017 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2011-12 INCOME TAX OFFICER, WARD 2(1), ALWAR. CUKE VS. RAJENDRA YADAV, S/O- SHRI DEEP CHAND YADAV, 3/751, ARAVALI VIHAR, KALA KUWA, ALWAR (RAJ) LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO.: ABFPY 9609 R VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT JKTLO DH VKSJ LS@ REVENUE BY : SHRI R.A. VERMA (ADDL.CIT) FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI P.C. PARWAL (CA) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 18/12/2017 MN?KKS'K.KK DH RKJH[K @ DATE OF PRONOUNCEMENT : 18/12/2017 VKNS'K@ ORDER PER: VIJAY PAL RAO, J.M. THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 31/07/2017 OF LD. CIT(A), ALWAR FOR THE A.Y. 2011-12. THE REVENUE HAS RAISED FOLLOWING GROUNDS OF APPEAL: IN THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD CIT(A) ERRED- 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW, LD. CIT(A) ERRED IN DELETING THE ADDITION OF RS. 40 ,69,621/- MADE BY A.O. ON ACCOUNT OF LONG TERM CAPITAL GAIN WITHOUT APPRECIATING THE MATERIAL FACTS OF THE CASE . ITA 729/JP/2017_ ITO VS RAJENDRA YADAV 2 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW, LD. CIT(A) ERRED IN ALLOWING THE CLAIM OF DEDUCTION U/S 54F OF THE I.T. ACT, 1961 IN RESPECT OF THE AMOUNT INVESTE D IN CAPITAL GAIN SCHEME WHEN THE ASSESSEE HIMSELF ADMIT TED THE FACT THAT RETURN WAS FILED AFTER THE DUE DATE P RESCRIBED U/S 139(1) OF THE I.T. ACT, 1961. 2. THE ASSESSEE IS AN INDIVIDUAL AND FILED HIS RETUR N OF INCOME ON 11/11/2011 DECLARING INCOME OF RS. 1,74,384/- AFTER CLAIMING DEDUCTION UNDER CHAPTER VIA OF THE INCOME TAX ACT, 1961 (IN SH ORT THE ACT). IN COURSE OF ASSESSMENT PROCEEDINGS, THE ASSESSING OFF ICER MADE AN ADDITION ON ACCOUNT OF LONG TERM CAPITAL GAIN ARISI NG FROM SALE OF LAND BEARING PLOT NO. L-356 ON 10/11/2010. THE ASSESSING OFFICER DENIED THE BENEFIT OF SECTION 54F OF THE ACT IN RESPECT OF THE CAPITAL GAIN. ON APPEAL, THE LD CIT(A) HAS ALLOWED THE CLAIM OF THE A SSESSEE U/S 54F AND ACCORDINGLY, DELETED THE ADDITION MADE BY THE ASSES SING OFFICER ON THIS ACCOUNT. 3. WE HAVE HEARD THE LD DR AS WELL AS THE LD AR OF T HE ASSESSEE AND CONSIDERED THE RELEVANT MATERIAL AVAILABLE ON THE R ECORD. THE ISSUE IN THIS APPEAL OF THE REVENUE IS IN RESPECT OF THE ADDITION OF LONG TERM CAPITAL GAIN OF RS. 40,69,621/-, WHICH WAS DELETED BY THE LD . CIT(A). AT THE OUTSET, WE NOTE THAT THE TAX EFFECT ON THIS ISSUE IS LESS THAN RS. 10.00 LACS AND THEREFORE, IN VIEW OF THE CBDT CIRCULAR NO. 21 OF 2015 ITA 729/JP/2017_ ITO VS RAJENDRA YADAV 3 DATED 10.12.2015(F NO. 279/MISC. 142/2007-ITJ(PT) INSTRUCTING THE AUTHORITIES BELOW THAT THE DEPARTME NTAL APPEAL SHOULD NOT BE FILED BEFORE ITAT WHERE THE DEMAND/TA X EFFECT DOES NOT EXCEED RS.10 LACS. SINCE THE TAX DEMAND IN DISPUTE IN THIS DEPARTMENTAL APPEAL IS BELOW THE LIMIT SET OUT BY CB DT FOR THE APPEAL THE SAME IS NOT MAINTAINABLE IN VIEW OF FORE GOINGS. ACCORDINGLY THE APPEAL OF THE DEPARTMENT IS DISMISSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 18/12/2017. SD/- SD/- HKKXPAN FOT; IKY JKO (BHAGCHAND) (VIJAY PAL RAO) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 18 TH DECEMBER, 2017 *RANJAN VKNS'K DH IZFRFYFI VXZSFKR @ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ @ THE APPELLANT- THE ITO, WARD 2(1), ALWAR. 2. IZR;FKHZ @ THE RESPONDENT- SHRI RAJENDRA YADAV, ALWAR. 3. VK;DJ VK;QDR @ CIT 4. VK;DJ VK;QDRVIHY @ THE CIT(A) 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ @ DR, ITAT, JAIPUR 6. XKMZ QKBZY @ GUARD FILE (ITA NO. 729/JP/2017) VKNS'KKUQLKJ @ BY ORDER, LGK;D IATHDKJ @ ASST. REGISTRAR