Sri Rahul Saraf, Kolkata V. DCIT, Kolkata

ITA 956/KOL/2023

• Counselvise Citation: [2024] 101 COUNSELVISE.COM (IT) 7270 (ITAT-KOLKATA)
• Duration Of Justice: 7 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-05-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 01-04-2024
• Assessment Year: 2012-2013
• Appeal Filed On: 10-09-2023
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Set aside
• Section: 143(3); 13

Judgement Text

आयकर अपील य अ धकरण, कोलकाता पीठ “ए’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA ी राजेश क ु मार, लेखा सट य एवं ी संजय शमा या यक सद य के सम [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 956/Kol/2023 Assessment Year: 2012-13 Shri Rahul Saraf (PAN: AKOPS 6728 D) Vs. DCIT, CC-3(4), Kolkata Appellant / )अपीलाथ ( Respondent /(!"यथ ) Date of Hearing / स ु नवाई क% त'थ 02.04.2024 Date of Pronouncement/ आदेश उ*घोषणा क% त'थ 10.05.2024 For the Appellant/ नधा 0रती क% ओर से Shri Soumitra Choudhury, Advocate For the Respondent/ राज व क% ओर से Shri S. Dutta, CIT DR ORDER / आदेश Per Rajesh Kumar, AM: This is the appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-21, Kolkata (hereinafter referred to as the Ld. CIT(A)”] dated 17.07.2023 for the AY 2012-13. 2. The only issue raised by the assessee is against the confirmation of addition of Rs. 1, 28,17,282/- by the Ld. CIT(A) as made by the AO on account of long term 2 I.T.A. No.956/Kol/2023 Assessment Year: 2012-13 Rahul Saraf capital gain in respect of land measuring 2 cottahs and 8 chittacks at 52/5A, Ballygunge Circular Road, Kolkata. 3. Facts in brief are that the assessee has sold land measuring 26 cottahs 8 chittacks at 52/5A, Ballygunge Circular Road, Kolkata during the year and accordingly the AO added the long term capital gain of Rs. 5,46,83,932/- to the income of the assessee. The AO has computed the long term capital gain qua land measuring 2 cottahs 13 chittack at 52/5A, Ballygunge Circular Raod, on the basis of deemed sale consideration on the basis of value as per stamp valuation authority and calculated the long term capital gain at Rs .1,28,17,282/- and the same was also added to the income of the assessee thereby computing the income from long term capital gain at Rs.6,75,01,214/- vide order dated 28.03.2014 passed u/s 143(3) of the Act. Pertinent to state that there was no sale of land so far as 2 cottahs 13 chittacks are concerned as the same was made in the succeeding assessment year as apparent from the sale deed and all the payments were also received in the subsequent assessment year. 4. The Ld. CIT(A) simply affirmed the observations of the AO despite the assessee submitting before the Ld. CIT(A) specifically all the details qua the sold property which was apparently sold in the next assessment year along with details of payments received in the next assessment year. 5. After hearing the rival contentions and perusing the material on record, we find that the assessee has sold land by registered indenture of conveyance executed on 08.09.2012 a copy of which is available at page no. 9 to 37 of PB. At page 32 the details of payments are given and upon perusal thereof we find that all the four payments were received in the next assessment year as per details below: Therefore the sale of land was made in the year 2013-14 and not during the circumstances, we are of the view that both the authorities appreciate the facts correctly records that the sale of the said land was made in the next assessment year the current assessment year issue and direct the AO to delete the addition of Rs. 1,28,17,282/ 6. In the result, the appeal of the assessee Order is pronounced in the open court Sd/- (Sonjoy Sarma /संजय शमा ) Judicial Member/ या यक सद य Dated: SM, Sr. PS 3 I Assessment Year: Therefore the sale of land was made in the financial year relevant 14 and not during the instant assessment year. Considering , we are of the view that both the authorities below correctly despite the records/relevant evidences being av that the sale of the said land was made in the next assessment year the current assessment year. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition of Rs. 1,28,17,282/- In the result, the appeal of the assessee is allowed. Order is pronounced in the open court on 10 th May, 2024 Sd/- ) (Rajesh Kumar/राजेश क ु मार या यक सद य Accountant Member/लेखा Dated: 10 th May, 2024 I.T.A. No.956/Kol/2023 Assessment Year: 2012-13 Rahul Saraf relevant to the assessment year. Considering these facts and below have failed to despite the records/relevant evidences being available on that the sale of the said land was made in the next assessment year and not in Accordingly we set aside the order of Ld. CIT(A) on this , 2024 राजेश क ु मार) लेखा सद य 4 I.T.A. No.956/Kol/2023 Assessment Year: 2012-13 Rahul Saraf Copy of the order forwarded to: 1. Appellant- Manish Jain, 15B, Clive Row, Kolkata-700001 2. Respondent– ITO, Ward-6(1), Kolkata 3. Ld. CIT(A)-NFAC, Delhi 4. Pr. CIT- , Kolkata 5. DR, Kolkata Benches, Kolkata (sent through e-mail) True Copy By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata