M/s K.B.Developers, Kolkata V. ACIT, Cir. 43, Kolkata

MA 19/KOL/2021

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 1431 (ITAT-KOLKATA)
• Duration Of Justice: 1 month(s) 27 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 23-06-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2013-2014
• Appeal Filed On: 27-04-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUNIL SURANA AR SHRI JA
• Keywords: Capital Gains
• Section: 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH C, KOLKATA VIRTUAL HEARING [BEFORE SHRI J. SUDHAKAR REDDY, HONBLE ACCOUNTANT MEMBER & SHRI ABY T. VARKEY, HONBLE JUDICIAL MEMBER] M.A. NO. 19/KOL/2021 (A/O. ITA NO. 26/KOL/2021 ASSESSMENT YEAR: 2013-14 M/S. K.B. DEVELOPERS..........................................................................APPELLANT 207, MAHARSHI DEVENDRA ROAD ROOM NO. 49 KOLKATA 700 007 [PAN : AAIFK 5844 N] VS. ASSTT. COMMISSIONER OF INCOME TAX, KOLKATA...............................................................................RESPONDENT APPEARANCES BY: SHRI SUNIL SURANA, A/R, APPEARED ON BEHALF OF THE ASSESSEE. SHRI JAYANTA KHANRA, JCIT, SR. D/R. APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : JUNE 18 TH , 2021 DATE OF PRONOUNCING THE ORDER : JUNE 23 RD , 2021 O R D E R PER J. SUDHAKAR REDDY, AM :- BY THIS MISCELLANEOUS APPLICATION, THE ASSESSEE SUBMITS THAT THERE ARE TWO MISTAKES, APPARENT ON RECORD, THAT HAVE CREPT INTO THE ORDER OF THE TRIBUNAL DT. 22/04/2021 IN ITA NO. 26/KOL/2021, WHICH REQUIRE RECTIFICATION. 2. AFTER PERUSING THE MISCELLANEOUS APPLICATION AND HEARING BOTH THE PARTIES, WE RECTIFY THE ORDER AS FOLLOWS:- A) AT PARA 13 PAGE 10 OF THE ORDER, THE FIGURE RS.17,10,000/-, SHOULD BE READ AS RS.9,92,00,000/-. THIS IS A TYPOGRAPHICAL ERROR AND IS RECTIFIED AS SUCH. B) GROUND NO. 3, IT IS HELD AS FOLLOWS:- THE VALUE OF THE LAND TAKEN BACK BY THE PARTNERS OF THE FIRM ON RETIREMENT OF PARTNERS CAN BE BROUGHT TO TAX ONLY U/S 45(4) OF THE ACT, UNDER THE HEAD LONG TERM CAPITAL GAINS. THE ACTION OF THE LD. CIT(A) IS UPHELD. THE RATE OF TAX APPLICABLE IS THAT WHICH IS APPLICABLE TO LONG TERM CAPITAL GAINS AS RIGHTLY HELD BY THE LD. CIT(A). IN THE RESULT, GROUND NO. 3 OF THE REVENUE IS DISMISSED. 3. IN THE RESULT, THIS MISCELLANEOUS APPLICATION OF THE ASSESSEE IS ALLOWED. KOLKATA, THE 23 RD DAY OF JUNE, 2021 SD/- SD/- [ABY T. VARKEY] [ J. SUDHAKAR REDDY ] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 23.06.2021 {SC SPS} 2 M.A. NO. 19/KOL/2021 (A/O. ITA NO. 26/KOL/2021 ASSESSMENT YEAR: 2013-14 M/S. K.B. DEVELOPERS COPY OF THE ORDER FORWARDED TO: 1. M/S. K.B. DEVELOPERS 207, MAHARSHI DEVENDRA ROAD ROOM NO. 49 KOLKATA 700 007 2. ASSTT. COMMISSIONER OF INCOME TAX, KOLKATA 3. CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES