JYOTIKA PREMNARAYAN, MUMBAI V. ITO 19(2)-3, MUMBAI

ITA 8178/MUM/2010

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8865 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-09-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 24-09-2012
• Assessment Year: 2003-2004
• Appeal Filed On: 25-11-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: K G KUTTY
• Keywords: Business income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH I , MUMBAI BEFORE SHRI RAJENDRA SINGH, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER ITA NO.8178/MUM/2010 ASSESSMENT YEAR : 2003-04 M/S. JYOTIKA PREMNARAYEN 7 TH FLOOR, INDRAPRASTHA, PREMNARAYEN CHOWK, LINKING ROAD, SANTACRUZ(W), MUMBAI-400 054. PAN NO: AAFPP 8812 N INCOME TAX OFFICER-19(2)-3, MUMBAI (APPELLANT) VS. (RESPONDENT) APPELLANT BY : SHRI SUNIL CHOPRA RESPONDENT BY : SHRI K.G. KUTTY DATE OF HEARING : 24.09.2012 DATE OF PRONOUNCEMENT : 24.09.2012 O R D E R PER RAJENDRA SINGH, AM: THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER D ATED 31.8.2010 OF CIT(A) FOR THE ASSESSMENT YEAR 2003-04. TH E ASSESSEE IN THIS APPEAL HAS RAISED DISPUTES REGARDING RE-OPENING OF ASSESSMENT AND COMPUTATION OF CAPITAL GAIN. 2. AT THE TIME OF HEARING OF THE APPEAL, THE LD. AR FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE HAD RAISED DISPUTES REGARDING R E-OPENING OF THE ASSESSMENT AND REGARDING NATURE OF INCOME RECEIVED FROM ITA NO.8178/M/10 A.Y.03-04 2 REDEVELOPMENT OF THE PROPERTY. THE ASSESSEE HAD SHOWN TH E INCOME AS CAPITAL GAIN WHEREAS THE AO HAD ASSESSED IT AS BUSINESS I NCOME. IT WAS POINTED OUT THAT THE APPEAL FILED BY THE REVENUE ON THIS ISSUE HAS BEEN DECIDED BY THE TRIBUNAL VIDE ORDER DATED 4.7.20 12 IN ITA NO.7640/M/2010 FOR ASSESSMENT YEAR 2003-04 IN WHICH THE TRIBUNAL HAS ACCEPTED THE CLAIM OF THE ASSESSEE THAT THE INCOME IS REQ UIRED TO BE ASSESSED AS CAPITAL GAIN AND NOT BUSINESS INCOME AND ACCORDI NGLY DISMISSED THE APPEAL OF THE REVENUE. IN VIEW OF THIS PO SITION, IT WAS POINTED OUT THAT THE APPEAL OF THE ASSESSEE HAD BECOME INFRUCTUOUS. ACCORDINGLY IT WAS REQUESTED THAT THE ASSESSEE MAY BE ALLO WED TO WITHDRAW THE APPEAL TO WHICH THE LD. DR HAD NO OBJECT ION. WE, THEREFORE DISMISS THE APPEAL OF THE ASSESSEE AS WITHDRAWN. 3. IN THE RESULT, APPEAL OF THE ASSESSEE STANDS AS WITHDRAW N. ORDER PRONOUNCED IN THE OPEN COURT ON 24.9.2012. SD/- SD/- (VIJAY PAL RAO ) JUDICIAL MEMBER (RAJENDRA SINGH) ACCOUNTANT MEMBER MUMBAI, DATED: 24.9. 2012. JV. ITA NO.8178/M/10 A.Y.03-04 3 COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR BENCH TRUE COPY BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.