Ali Mohammed, Hyderabad V. Income Tax Officer, (International Taxation)-1, Hyderabad

MA 66/Hyd/2021

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 2289 (ITAT-HYDERABAD)
• Duration Of Justice: 1 month(s) 1 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 22-10-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-A
• Assessment Year: 2012-2013
• Appeal Filed On: 20-09-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SANDEEP MEHTA
• Assessee Lawyers: A V RAGHURAM
• Keywords: Capital Gains
• Section: 254(2); 13; 22; 12; 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD. BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI L . P . SAHU, ACCOUNTANT MEMBER (THROUGH VIRTUAL HEARING) M.A. NO. 6 6 /HYD/2021 (IN ITA NO. 2098 /HYD/20 1 7 ) (ASSESSMENT YEAR : 20 1 2 - 13 ) SH RI ALI MOHAMMED, HYDERABAD. PAN AKDPM8434D ..APPELLANT. VS. INCOME TAX OFFICER, (INTERNATIONAL TAXATION) - 1, HYDERABAD. ..RESPONDENT. APPELLANT BY : SHRI A.V. RAGHURAM. RESPONDENT BY : SHRI SANDEEP MEHTA. (D.R.) DATE OF HEARING : 1 .10. 2021. DATE OF PRONOUNCEMENT : 22 . 10 .2021. O R D E R PER SHRI S.S. GODARA, J.M. : THIS ASSESSEE'S MISCELLANEOUS APPLICATION FILED U/S. 254(2) OF THE INCOME TAX ACT, 1961 ('THE ACT') SEEKS TO RECALL /RECTIFY OUR ORDER DT. 11.06. 2021 FOR ASST . YEAR 2012 - 13. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2 M.A. NO. 6 6 /HYD/2017 2. THE ASSESSEE'S SOLE SUBSTANTIVE GRIEVANCE BEFORE US IS THAT OUR ORDER HAS DELETED THE IMPUGNED DISALLOWANCE AS INVOLVING A SUM OF RS.44.20 LAKHS WHEREAS THE DETAILED DISCUSSION IN PAGES 2 & 3 OF THE ASSESSMENT ORDER MAKES IT CLEAR THAT HE HAD ACTUALLY INVESTED TOTAL CONSIDERATION TO THE TUNE OF $ 8 , 50 , 00 0 COMING TO RS.4.42 CRORES @ RS.52/ - PER UNIT. AND ALSO THAT THE ASSESSING OFFICERS CONSEQUENTIAL COMPUTATION HA D NOWHERE CONSIDERED TH E SAID EXACT FIGURE. FACED WITH THIS SITUATION, WE TREAT OUR FOREGOING AMOUNT OF IMPUGNED DISALLOWANCE OF RS.44.20 LAKHS AS WRONGLY INCORPORATED AND DIRECT THE ASSESSING OFFICER TO TREAT THE ASSESSEE AS ELIGIBLE FOR THE IMPUGNED DEDUCTION RELIEF QUA THE E NTIRE REINVESTMENT OF CAPITAL GAINS INVESTED IN USA. ORDERED ACCORDINGLY. 3. THIS ASSESSEE'S MISCELLANEOUS APPLICATION IS ALLOWED IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 22ND OCT . , 2021. S D/ - SD/ - (L .P. SAHU) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DT. 22 . 10 .2021. * REDDY GP 3 M.A. NO. 6 6 /HYD/2017 COPY TO : 1. SHRI ALI MOHAMMED, C/O K. VASANT KUMAR, A.V. RAGHU RAM, P. VINOD & M. NEELIMA DEVI, ADVOCATES, 610, BABUKHAN ESTATE, BASHEERBAGH, HYDERABAD. 2. ITO, INTERNATIONAL TAXATION - 1, HYDERABAD. 3. C I T (IT & TP) , HYDERABAD. 4. CIT(APPEALS) - 10, HYDERABAD. 5. DR, ITAT, HYDERABAD. 6. GUARD FILE. BY ORDER SR. PVT. SECRETARY, ITAT, HYDERABAD.