VEEKAY INFIN & HOLDINGS P. LTD, PUNE V. THE DIRECTOR GENERAL OF INCOME TAX, CIRCLE-12, PUNE, PUNE

ITA 922/PUN/2024

• Counselvise Citation: [2024] 101 COUNSELVISE.COM (IT) 5576 (ITAT-PUNE)
• Duration Of Justice: 2 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-07-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 14-07-2024
• Assessment Year: 2019-2020
• Appeal Filed On: 02-05-2024
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MANOJKUMAR TRIPATHI
• Keywords: Capital Gains

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI VINAY BHAMORE, JUDICIAL MEMBER आयकर अपील सं. / ITA No.922/PUN/2024 नधा रण वष /Assessment Year : 2019-20 Veekay Infin & Holdings Private Limited, 242, Sindh Housinig Society, Aundh, Pune 411 007, Maharashtra PAN : AACCV9012G Vs. DCIT, Circle-12, Pune Appellant Respondent आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of CIT(A) dated 29.02.2024 for the A.Y. 2019-20. 2. Brief facts of the case are that the appellant is a company incorporated under the Companies Act. It is engaged in the business of rendering financial intermediation services. The Return of Income for the A.Y.2019-20 was filed on 04.10.2019. The said return was processed u/s.143(1) vide intimation dated 18.12.2019 raising demand of Rs.2,54,453/- u/s.234C of the Act. Against the same, an appeal was filed before the CIT(A) raising additional ground of appeal challenging the levy of interest u/s.234C of the Act and also seeking benefit of cost Assessee by : Shri Sarvesh Khandelwal Revenue by : Shri Manoj Kumar Tripathi Date of hearing : 15.07.2024 Date of pronouncement : 26.07.2024 ITA No.922/PUN/2024 2 of indexation while computing the capital gains arising on account of sale of unlisted shares. The CIT(A) allowed the ground relating to levy of interest u/s.234C of the Act, however, dismissed the ground seeking relief of the benefit of cost of indexation while computing the capital gains. 3. Being aggrieved, the appellant is in appeal before the Tribunal in the present appeal. 4. We heard the rival submissions and perused the material on record. It is an admitted fact that the assessee had offered the capital gains in the return of income on sale of unlisted shares, without claiming cost of indexation. The CPC while processing the return of income u/s.143(1) cannot travel beyond the return of income and the accompanying documents. It is only before the CIT(A) for the first time the assessee sought the benefit of cost of indexation while computing the capital gains on sale of unlisted shares. The CIT(A) cannot do what the CPC itself cannot do. No fresh claim can be entertained in the proceedings post the processing of the return of income u/s.143(1) of the Act. Thus, the CIT(A) had rightly rejected the claim of the appellant. We do not find any merit in the grounds of appeal filed by the appellant. 5. In the result, the appeal filed by the assessee is dismissed. Order pronounced on this 26 th day of July, 2024. Sd/- Sd/- (VINAY BHAMORE) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे / Pune; दनांक / Dated : 26 th July, 2024 Satish ITA No.922/PUN/2024 3 आदेश क ितिलिप अ ेिषत / Copy of the Order forwarded to : 1. अपीलाथ / The Appellant. 2. यथ / The Respondent. 3. The Pr.CIT concerned 4. िवभागीय ितिनिध, आयकर अपीलीय अिधकरण, “SMC” ब च, पुणे / DR, ITAT, “SMC” Bench, Pune. 5. गाड फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune