M/s. Gurunanak Bakers & Fast Food, Ujjain V. The I.T.O., Ratlam

MA 6/IND/2011

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 6961 (ITAT-INDORE)
• Duration Of Justice: 7 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 19-09-2011
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2005-2006
• Appeal Filed On: 18-02-2011
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: ARUN DEWAN
• Assessee Lawyers: S C GOYAL
• Section: 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL , INDORE BENCH, INDORE BEFORE SHRI JOGINDER SINGH, J.M. AND SHRI R.C.SHARMA, A.M. PAN NO. : AA FFG - 9675E M.A.NO. 06 /IND/201 1 (ARISING OUT OF I.T.A.NO. 161 /IND/20 10 ) A.Y S . : 1996 - 97 & 1997 - 98 M/S. GURUNANAK BAK ERS & FAST FOOD, RATLAM INCOME - TAX OFFICER, WARD I, RATLAM . . VS APP LICANT RESPONDENT APP LICANT BY : SHRI S. C. GOYAL, ADV. RESPONDENT BY : SHRI ARUN DEWAN, SR. DR DATE OF HEARING : 29.07.2011 DATE OF PRONOUNCEMENT : 19. 09.2011 O R D E R PER R. C. SHARMA, A.M. TH IS MISC. APPLICATION WAS FILED BY THE ASSESSEE TO RECTIFY MISTAKE ALLEGED TO BE INCURRED IN ORDER OF THE TRIBUNAL DATED 4.2.2011. I T WAS CONTENDED BY THE LD. AUTHORIZED REPRESENTATIVE THAT WHILE DECIDING THE ISSUE WI TH REGARD TO LIABILITY OF CAPITAL GAINS ON BUILDING AND LAND, ALTERNATIVE ISSUE - : 2 : - 2 RAISED ON VALUATION OF THE SAME ARE LEFT OVER BEING DECIDED. THEREFORE, IT WAS PRAYED THAT THE ORDER OF THE TRIBUNAL MAY, ACCORDINGLY, BE RECTIFIED BY DECIDING THE ISSUE OF VAL UATION. 2. WE HAVE CONSIDERED THE RIVAL CONTENTIONS AND GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW AS WELL AS ORDER OF THE TRIBUNAL DATED 4.2.2011. WE FOUND THAT ONLY GROUND RAISED BEFORE US RELATED TO LIABILITY OF CAPITAL GAINS U/S 45 IN THE CASE OF DISSOLUTION OF THE PARTNERSHIP FIRM. AFTER CONSIDERING ALL THE RELEVANT FACTS AND CIRCUMSTANCES , THE TRIBUNAL HAVE DECIDED THAT THERE WAS TRANSFER OF ASSET ON THE DISSOLUTION OF FIRM AND MATTER WAS RESTORED TO THE FILE OF THE AO WITH CERTAIN DIRECTIONS. N OW THE ASSESSEE HAS PLEADED THAT EVEN VALUATION OF THE ASSETS WAS DISPUTED BY THE ASSESSING OFFICER , T HEREFORE, PROPER DIRECTION MAY BE ISSUED WITH REGARD TO VALUATION OF LAND AND BUILDING. IN THE INTEREST OF SUBSTANTIAL JUSTICE, WE DIRECT THE AO TO LOOK A FRESH IN THE MATTER OF VALUATION OF LAND AND BUILDING , WHILE DECIDING CHARGEABILITY OF CAPITAL GAINS ON THE DATE OF DISSOLUTION, IN TERMS INDICATED BY THE TRIBUNAL IN ITS ORDER DATED 4 TH FEBRUARY, 2011. - : 3 : - 3 3. IN THE RESULT, THE MISC. APPLICATION IS ALLOWED IN PA RT, IN TERMS INDICATED HEREINABOVE. T HIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 19 TH SEPTEMBER , 2011. SD/ - SD/ - (JOGINDER SINGH) ( R.C.SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 19 TH SEPTEMBER , 2011 . C PU* 13 19