HOME BUILDERS, V. ASST CIT,

MA 441/MUM/2014

• Counselvise Citation: [2015] 124 COUNSELVISE.COM (IT) 3085 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-04-2015
• Appeal Filed By: Assessee
• Bench Allotted: G
• Assessment Year: 2009-2010
• Appeal Filed On: 22-12-2014
• Court: TRIBUNAL
• Department Lawyers: AKHILENDRA P YADAV
• Section: 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL G , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMIT SHUKLA , J M M A NO. 4 41 / MUM/20 1 4 (ARISING OUT OF ITA NO . 2240 /MUM/20 1 3 ) ( ASSESSMENT YEAR S : 200 9 - 10 ) M/S HOME BUILDERS, 201 SEA HOME S , PLOT NO.3, PALM BEACH ROAD, NERUL, NAVI MUMBAI - 400 706 VS. ACIT - 22 (3), MUMBAI PAN NO. : A ACFH 1767 K APP LICANT ) .. RESPONDENT ) ASSESSEE BY : SHRI PRAKASH PANDIT REVENUE BY : SHRI AKHILENDRA P. YADAV DATE OF HEARING : 10 TH APRIL , 201 5 DATE OF PRONOUNCEM ENT : 20/04/ 201 5 O R D E R PER R.C.SHARMA, AM : TH IS MISCELLANEOUS APPLICATION AROSE OUT OF ITA NO. 2240 /MUM/20 1 3 FOR THE ASSESSMENT YEAR 200 9 - 10 , WH ICH WAS DECIDED BY THE TRIBUNAL VIDE ORDER DATED 22 - 8 - 2014. 2. IN THE MISCELLANEOUS APPLICATION , THE ASSESSEE HAS ALLEGED THA T THERE IS A MISTAKE IN PARA 12 & 13 OF THE ORDER OF TH E TRIBUNAL FOR CONFIRMING ADDITION ON ACCOUNT OF PROFIT OF RS. 48,48,942/ - . 3. WE HAVE CONSIDERED RIVAL CONTENTIONS AND FOUND THAT ADDITION OF RS. 48,48,942/ - WAS CONFIRMED BY THE TRIBUNAL ON THE OBSERVATION OF LOWER AUTHORITIES THAT ASSESSEE WAS IN RECEIPT OF ENTIRE SALE CONSI DERATION IN RESPECT OF RUPAREL GARDEN FLATS. HOWEVER, LD. AR POINTED OUT THAT ONLY ADVANCE OF RS.72,75,000/ - WAS RECEIVED BY CHEQUES ON 30 - 3 - 2009 AND THE CHEQUES FOR THE SAME WERE REALIZED ONLY IN THE FIRST WEEK OF APRIL, 2009. I T WAS POINTED OUT THAT SALE DEED WAS ALSO EXECUTED IN THE FIRST WEEK OF APRIL 200 9 . I T WAS ALSO POINTED MA NO. 441 /20 1 4 2 OUT THAT IN RESPECT OF ADVANCE RECE IPT FROM DINESH HEGDE, THE SALE DEED WAS EXECUTED ON 24 - 5 - 2009 FALLING IN THE FINANCIAL YEAR 2009 - 2010, RELEVANT TO THE ASSESSMENT YEAR 2010 - 2011. L D. AR FURTHER POINTED OUT THAT PROFIT ON THE ENTIRE SALE FOR WHICH SALE DEED WAS EXECUTED IN ASSESSMENT YEAR 2010 - 2011 WAS OFFERED IN THE ASSESSMENT YEAR 2010 - 2011 ON LY AND THE SAME WAS ACCEPTED BY THE DEPARTMENT. 4 . IN VIEW OF THESE FACTS, THERE APPEARS TO BE A MISTAKE IN TH E ORDER OF THE TRIBUNAL FOR CONFIRMING ADDITION IN THE ASSESSMENT YEAR 2009 - 2010 UNDER CONSIDERATION. IN ORDER TO RECTIFY THE MISTAKE , WE RESTORE THIS GROUND BACK TO THE FILE OF THE AO FOR DECIDING AFRESH AFTER VERIFYING THE SE FACTS OF RECEIPT OF ADVANCE AND EXECUTION OF SALE DEED. IF THE AO FINDS THAT SALE DEED HAS BEEN EXECUTE D AFTER 31 - 3 - 2009 IE. DURING THE FINANCIAL YEAR 2009 - 2010, RELEVANT TO THE ASSESSMENT YEAR 2010 - 2011 AND PROFIT FOR THE SAME IS ALSO OFFERED IN A.Y.2010 - 2011, NO ADDITION OF RS. 48,48,942 IS WARRANTED DURING THE YEAR UNDER CONSIDERATION I.E. A.Y.2009 - 2010. WE DIRECT ACCORDINGLY . 5 . IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS ALLOWED IN PART , IN TERMS INDICATED HEREINABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 20/04/ 2015 . SD/ - ( AMIT SHUKLA ) SD/ - ( R.C.S HARMA ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 20/04 /201 5 . . /PKM , . / PS MA NO. 441 /20 1 4 3 / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//