Naresh Kantilal Thacker, Gandhidham V. Income Tax Officer, Ward-2, Gandhidham

MA 29/RJT/2023

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 3874 (ITAT-RAJKOT)
• Duration Of Justice: 7 month(s) 4 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 13-02-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 16-11-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 09-07-2023
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT ( Conducted Through Virtual Court at Ahmedabad ) Before: Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member Naresh Kantilal Thacker Classic Co-op.Housing Society Apna Nagar Gandhidham (Applicant) PAN: ACUPT 6614 R Vs The ITO Ward-2 Gandhidham (Respondent) Revenue Represented: Shri V.J. Boricha, Sr.DR Assessee Represented: Shri Kapil Sanghavi, AR Date of hearing : 17-11-2023 Date of pronouncement : 14-02-2024 आदेश/ORDER PER T.R. SENTHIL KUMAR, JUDICIAL MEMBER This Miscellaneous Application is filed by the assessee as against the order passed by this Bench in ITA No.28/Rjt/2018, dated 06/01/2023 relating to Assessment Year (AY) 2014-15. 2. The submission of the assessee in this application reads as under: MA No.29/Rjt/2023 (Arising out of ITA No.28/Rjt/2018) Assessment Year: 2014-15 MA No.29/Rjt/2023 ( out of ITA No.ITA Nos.28/Rjt/2018) Naresh Kantilal Thacker vs. ITO AY(s) 2014-15 : 2 : “7. Appeal was heard and Hon. ITAT, Rajkot and decided in favour of revenue. Appellant submits that addition of Rs.23,96,970/- has been made as business profit treating the transaction in the nature of trade. 8. However, while deciding appeal, deduction of expenses incurred by appellant for converting land into Non Agricultural Land was not allowed and addition of total amount of Rs.23,96,970/- has been upheld. 9. Appellant requests your Honours to kindly allow the expenses incurred for converting agricultural land into non agricultural land while calculating business profit.” 3. We have heard the rival contentions and perused the material available on record. It is observed in paragraph No.6 of our order passed in ITA No.28/Rjt/2018, dated 06/01/2023 that “..... This clearly proves that the assessee has no intention of carrying out any agricultural activity in the land. Further it clearly proves that the assessee converted the agricultural land into non-agricultural purpose and sold it to M/s.ATIL. It is further seen from the registered sale deed that the entire sale consideration was funded by M/s.ATIL to the assessee to buy the above piece of land.... .” 4. It is already held by the Bench, that the entire sale consideration was funded by the buyer; namely, M/s.Agarwalla Teak International Pvt.Ltd. (ATIL) to the assessee. Thus, the question of expenses incurred by the assessee for converting agricultural land into N.A. land does not arise in the facts of the present case. Therefore, the Miscellaneous Application filed by the assessee is devoid of merit and the same is hereby dismissed. MA No.29/Rjt/2023 ( out of ITA No.ITA Nos.28/Rjt/2018) Naresh Kantilal Thacker vs. ITO AY(s) 2014-15 : 3 : 5. In the result, Miscellaneous Application filed by the Assessee is dismissed. Order pronounced in the open court on 14-02-2024 (ANNAPURNA GUPTA) (T.R. SENTHIL KUMAR) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad : Dated 14/02/2024 T.C. NAIR, Sr. PS /Copy of the Order forwarded to : 1. / The Applicant 2. / The Respondent. 3. / Concerned CIT 4. ) (/ The CIT(A)-3, Rajkot 5. #$ % & , ( ), जो ट/DR,ITAT, Ahmedabad, 6. % -. / 0 /Guard file. & / BY ORDER, //True Copy// ह ज (Asstt. Registrar) ( ), ITAT, Ahmedabad/Rajkot