Farhat Nasrin, Ranchi V. ITO,Ward-3(3), Ranchi

ITA 87/RAN/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 9520 (ITAT-RANCHI)
• Duration Of Justice: 1 year(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-03-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 27-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: P S PAUL
• Keywords: Capital asset; Capital Gains
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL: RANCHI BENCH, RANCHI BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A NO.87/RAN/2019 ASSESSMENT YEAR: 2014-15 FARHAT NASRIN, LEGAL HEIR OF SYED ENAYTULLAH, RANCHI C/O D.P. PAUL(FCA), 718/A, NABIN MITRA ROAD, NEAR SAMSUNG PLAZA, BURDWAN COMPOUND, LALPUR, RANCHI. VS. ITO, WD-3(3), RANCHI PAN/GIR NO. : AAGPE1580R ( APPELL ANT ) .. (RESPONDENT) APPELLANT BY SHRI P.S. PAUL, CA RESPONDENT BY SHRI AJAY KUMAR, ADDL. CIT(DR) DATE OF HEARING 03.03.2020 DATE OF PRONOUNCEMENT 03.03.2020 O R D E R S. S. GODARA(ORAL): THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS), RANCHI DATED 15.11.2018 PASSED IN CASE NO.CIT(A), RANCHI/10438/2016-17 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE RAISED IN THE INSTANT APPEAL CHALLENGES CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION ADDING ALLEGED LONG-TERM CAPITAL GAINS OF RS.11,19,793/- ON ACCOUNT OF TRANSFER OF THE CAPITAL ASSET(S) IN ISSUE TO ONE M/S TARASON ENTERPRISES IN THE RELEVANT PREVIOUS YEAR. THE ASSESSEES CASE AS PER ITS STAND ADOPTED THROUGHOUT IS AS HE HAD MERELY ENTERED INTO AN AGREEMENT OF THE CAPITAL ASSET(S) CONCERNS WITH THE FOREGOING DEVELOPER HEREIN AND NO CONSIDERATION MONEY EVER PASSED BETWEEN THE VENDOR AND VENDEE. THIS FACT IS ALSO EVIDENT FROM THE ALLEGED VENDEES REGULAR ASSESSMENT FRAMED ON 05.12.16 WHEREIN THE ASSESSING OFFICER HAS ACCEPTED THAT THERE WAS NO SUCH I.T.A NO.87/RAN/2019 FARHAT NASRIN, LEGAL HEIR OF SYED ENAYTULLAH, RANCHI 2 TRANSFER TRANSACTION BETWEEN TWO PARTIES. I THEREFORE DRAW STRONG SUPPORT FROM THE SAME AND DELETE THE IMPUGNED ADDITION. LEARNED DEPARTMENTAL REPRESENTATIVES VEHEMENT PLEADINGS SUPPORTIVE OF THE LOWER AUTHORITIES ACTION MAKING THE IMPUGNED ADDITIONS ARE REJECTED. 3. THIS ASSESSEES APPEAL IS ALLOWED IN ABOVE TERMS. ORDER IS PRONOUNCED IN THE OPEN COURT ON 03.03.2020. SD/- (S. S. GODARA) JUDICIAL MEMBER DATED: 03.03.2020. RS COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) - 5. THE DR, ITAT, RANCHI 6. GUARD FILE BY ORDER SR. P.S., ITAT, RANCHI (ON TOUR)