Joint Commissioner of Income-tax, (OSD), Circle -7, Pune V. Umesh Sitaram Goel, Pune

ITA 735/PUN/2018

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 5631 (ITAT-PUNE)
• Duration Of Justice: 3 year(s) 8 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-12-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2009-2010
• Appeal Filed On: 19-04-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ANURAG SRIVASTAVA
• Keywords: Business income; Capital Gains

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH, ‘A’ PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No.735/PUN/2018 िनधा रण वष / Assessment Year : 2009-10 JCIT (OSD), Circle-7, Pune Vs. Umesh Sitaram Goel, 3 rd Floor, San Mahu Complex, 5, Bund Garden Road, Opp. Poona Club, Pune - 411 001 PAN : AAWPG2098Q Appellant Respondent आदेश / ORDER PER. R.S. SYAL, VP : This appeal by the Revenue is directed against the order passed by the ld. CIT(A)-5, Pune on 15-12-2017 in relation to the Assessment Year 2009-10. 2. The only issue raised in this appeal is against the deletion of addition of Rs.23,31,08,750/- made by the Assessing Officer (AO) on account of capital gains. 3. Tersely stated, the facts of the case are that the assessee and certain other persons owned around 70 acres of land situated at Gut Assessee by : Shri Krishna Gujarathi Revenue by : Shri Anurag Srivastava Date of hearing : 22-12-2021 Date of pronouncement : 23-12-2021 ITA No.735/PUN/2018 Umesh Sitaram Goel 2 Nos.1277 and 1278 at Village Wagholi, District, Pune. This land was sold to M/s. Wagholi Properties Pvt. Ltd. vide sale deed dated 02-05- 2008 for an aggregate consideration of Rs.1,75,80,04,250/-. The share of the assessee in this amount was Rs.24,31,08,750/-. The sellers received a total consideration of Rs.87,90,02,125/, being 50% of the aggregate consideration during the year and the balance of 50% was to be paid later on after fulfillment of certain obligations. Out of his total share in sale consideration at Rs.24.31 crore, the assessee received a sum of Rs.12.15 crore, being 50% of total consideration that was considered for the purpose of computation of capital gains. The AO opined that full amount of Rs.24.31 crore ought to have been offered for taxation. He, therefore, added a further sum of Rs.12,15,54,375/- to the total income declared by the assessee. The ld. CIT(A) deleted the addition. 4. We have heard the rival submissions and gone through the relevant material on record. It is seen that the assessee is one of the co-owners who transferred the land in question to M/s. Wagholi Properties Pvt. Ltd. The cases of some other co-owners, namely, Sh. Rajendra S. Goel and Sh. Deepak Laxman Kudale etc., in which also the AO gave similar direction of taxing 100% of the consideration as ITA No.735/PUN/2018 Umesh Sitaram Goel 3 against their offering 50%, came up for consideration before the Tribunal. Vide order dated 09-01-2017, the Tribunal in ITA No.1310/PUN/2013 etc. has decided the issue in assessees’ favour by observing that the remaining 50% was suo motu offered by these persons as Business income for the assessment year 2014-15. The ld. CIT(A) in the impugned order has noted that the assessee also offered 50% of the total consideration as Business income for the assessment year 2014-15. Since the facts and circumstances of the instant appeal are similar to those of Sh. Rajendra S. Goel and Sh. Deepak Laxman Kudale etc. already decided by the Tribunal and the ld. DR was also candid enough to accept that the facts are similar, respectfully, following the precedent, we uphold the order deleting the addition of Rs.12.15 crore. 5. In the result, the appeal is dismissed. Order pronounced in the Open Court on 23 rd December, 2021. Sd/- Sd/- (S.S. VISWANETHRA RAVI) (R.S.SYAL) JUDICIAL MEMBER VICE PRESIDENT पुणे Pune; िदनांक Dated : 23 rd December, 2021 Satish ITA No.735/PUN/2018 Umesh Sitaram Goel 4 आदेश की ितिलिप अ ेिषत/Copy of the Order is forwarded to: 1. अपीलाथ / The Appellant; 2. थ / The Respondent; 3. The CIT(A), Pune-5, Pune, 4. 5. 6. The Pr.CIT, Pune-4, Pune DR, ITAT, ‘A’ Bench, Pune गाड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune Date 1. Draft dictated on 22-12-2021 Sr.PS 2. Draft placed before author 22-12-2021 Sr.PS 3. Draft proposed & placed before the second member JM 4. Draft discussed/approved by Second Member. JM 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *