THE INCOME TAX OFFICER , JAGDALPUR, JAGDALPUR (CG) V. SHRI RAJA VIKRAM, JAGDALPUR (CG)

MA 2/BIL/2017

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 7127 (ITAT-RAIPUR)
• Duration Of Justice: 1 year(s) 4 month(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 16-08-2018
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: Not Allotted
• Assessment Year: 2007-2008
• Appeal Filed On: 27-03-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: S R RAO
• Keywords: Audit objection; Tax effect
• Section: 148; 54

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER M.A. NO.02/RPR/2017 (IN ITA NO.347/RPR/2014) ASSESSMENT YEAR : 2007-08 ITO, JAGDALPUR (CG). VS. RAJA VIKRAM, R/O M/S VIKAS ASSOCIATES (ENGINEERS), JEYPORS ROAD, KHUMARPARA, JAGDALPUR (CG). PAN : ACOPR6013N (APPELLANT) (RESPONDENT) DEPARTMENT BY : SHRI SANJAY KUMAR, DR ASSESSEE BY : SHRI S. R. RAO, ADV. DATE OF HEARING : 10-08-2018 DATE OF PRONOUNCEMENT : 16-08-2018 O R D E R PER R. K. PANDA, AM : THE REVENUE THROUGH THIS MISCELLANEOUS APPLICATION REQUESTS THE TRIBUNAL TO RECALL THE ORDER PASSED BY IT DISMISSIN G THE APPEAL FILED BY REVENUE ON ACCOUNT OF LOW TAX EFFECT. 2. THE LD. DR REFERRING TO THE MISCELLANEOUS APPLIC ATION FILED BY THE REVENUE SUBMITTED THAT THE ASSESSEE HAD FILED RETUR N OF INCOME ON 31.03.2008 DECLARING INCOME AT RS.1,83,410/-. THE CASE WAS RE OPENED BY ISSUE OF NOTICE U/S 148 ON ACCOUNT OF REVENUE AUDIT OBJECTION. HE SUBM ITTED THAT THE ASSESSEE HAS 2 MA NO.02/RPR/2017 JOINTLY OWNED URBAN LAND WITH SHRI RAHUL KUMAR MODI , R/O. PALACE ROAD, JAGDALPUR. THE ABOVE LAND WAS SOLD TO SHRI DINESH SOMANI ON 29.06.2006 AND SALE CONSIDERATION OF RS.10,00,000/- EACH WAS RECEI VED. THE ASSESSEE HAD NOT OFFERED CAPITAL GAIN ON ACCOUNT OF SALE CONSIDERATI ON, WHICH HAD ESCAPEMENT ASSESSMENT IN THE ORDER PASSED U/S 143(3)/148. THE ASSESSING OFFICER HAD MADE ADDITION ON ACCOUNT OF SHORT TERM CAPITAL GAIN OF R S.51,715/- AND ON ACCOUNT OF LONG TERM CAPITAL GAIN OF RS.7,05,728/-. SINCE THE LD. CIT(A) PARTLY ALLOWED THE APPEAL FILED BY THE ASSESSEE WITH THE CONCLUSION TH AT THE ASSESSEE IS ELIGIBLE FOR DEDUCTION U/S 54 OF THE I.T. ACT, THE REVENUE HAD F ILED APPEAL BEFORE THE TRIBUNAL. HE SUBMITTED THAT THE TRIBUNAL DISMISSED THE APPEAL ON ACCOUNT OF LOW TAX EFFECT BY RELYING ON THE CBDT CIRCULAR NO.2 1/2015 DATED 10.12.2015. HE FURTHER SUBMITTED THAT THE MAIN ISSUE IN THIS CA SE IS COVERED UNDER PARA 8(C) OF THE CBDT CIRCULAR NO.21/2015. THEREFORE, THE OR DER OF THE TRIBUNAL SHOULD BE RECALLED AND THE APPEAL BE DECIDED ON MERIT. 3. THE LD. COUNSEL FOR THE ASSESSEE ON THE OTHER HA ND HAS NO OBJECTION FOR RECALLING OF THE ORDER OF THE TRIBUNAL AND DECIDING THE ISSUE ON MERIT. 4. IN VIEW OF THE SUBMISSION MADE BY THE LD. DR AND IN ABSENCE OF ANY OBJECTION FROM THE SIDE OF THE LD. COUNSEL FOR THE ASSESSEE FOR DECIDING THE ISSUE 3 MA NO.02/RPR/2017 ON MERIT, THE ORDER OF THE TRIBUNAL IS RECALLED. T HE REGISTRY IS DIRECTED TO FIX THE APPEAL FOR HEARING IN THE NORMAL COURSE. 5. IN THE RESULT, THE MISCELLANEOUS APPLICATION FIL ED BY THE REVENUE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 16 TH AUGUST, 2018. SD/- SD/- (SUCHITRA KAMBLE) (R. K. PANDA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 16-08-2018. SUJEET COPY OF ORDER TO: - 1) THE APPELLANT 2) THE RESPONDENT 3) THE CIT 4) THE CIT(A) 5) THE DR, I.T.A.T., RAIPUR. BY ORDER //TRUE COPY// SR. PRIVATE SECRETARY ITAT, RAIPUR