T.Sri Rama Krishnayya, Mandapeta V. ACIT, CENTRAL CIRCLE, Rajahmundry

MA 73/VIZ/2017

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6353 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 5 month(s) 2 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 28-03-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2009-2010
• Appeal Filed On: 26-10-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V SRINIVASA RAO
• Section: 54F

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO , HONBLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, HONBLE ACCOUNTANT MEMBER M A NO. 7 3 / VIZ /201 7 (ASST. YEAR : 20 09 - 1 0 ) T. SRI RAMA KRISHNAYYA, D.NO. 9 - 2 - 25, NEAR BURUGUNTA TANK, MANDAPETA , E.G. DISTRICT V S . AC IT, CENTRAL CIRCLE , RAJAHMUNDRY . PAN NO. AEGPT 8308 L (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI G.V.N. HARI - ADVOCATE . DEPARTMENT BY : SHRI V. SRINIVASA RAO - SR. DR DATE OF HEARING : 16 / 0 3 /201 8 . DATE OF PRONOUNCEMENT : 28 / 0 3 /201 8 . O R D E R PER V. DURGA RAO, JUDICIAL MEMBER BY THIS MISC. APPLICATION, ASSESSEE SEEKS RECTIFICATION OF THE ORDER PASSED IN ITA NO. 97/VIZ/2017, DATED 06/09/2017 . 2. LD. COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE TRIBUNAL BY CONSIDERING THE FACTS AND CIRCUMSTANCES OF THE CASE AND ALSO BY FOLLOWING THE DECISION OF THE COORDINATE BENCH OF THE TRIBUNAL IN THE CASE OF ITO VS. SRI RAVURI SAI CHAITANYA IN ITA NO.498/VIZ/2013, DATED 28/03/2017 , INSTEAD OF ALLOWING THE APPEAL, IT WAS MENTIONED IN THE OPERATIVE PART OF THE APPEAL AS APPEAL FILED BY THE ASSESSEE IS DISMISSED. . THEREFORE, PRAYED THAT SAME MAY BE RECTIFIED. 2 MA NO. 73/VIZ/2017 ( T. SRI RAMA KRISHNAYYA ) 3. WE HAVE HEARD BOTH THE SIDES. 4. WE FIND THAT THE ISSUE INVOLVED IN THE APPEAL IS WHETHER ASSESSEE IS ENTITLED FOR THE BENEFIT OF SECTION 54F OF THE ACT FOR SINGLE FLAT OR MULTIPLE FLATS . THE TRIBUNAL HAS CONSIDERED THE DECISION OF THE COORDINATE BENCH OF TH E TRIBUNAL IN THE CASE OF SRI RAVURI SAI CHAITANYA (SUPRA) AND ALSO THE DECISION OF THE HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. SYED ALI ADIL IN I.T.T.A.NO.410/2012 DATED 20/12/2012 HELD THAT ASSESSEE IS ELIGIBLE FOR EXEMPTION UNDER SECTION 54F OF THE ACT TOWARDS FLATS RECEIVED IN PURSUANCE TO THE DEVELOPMENT AGREEMENT . INSTEAD OF ALLOWING THE APPEAL OF THE ASSESSEE, IT IS MENTIONED AS DISMISSED THEREFORE, WE RECTIFY THE SAME AS UND ER: - 6. TAKING INTO CONSIDERATION ALL THE FACTS AND CIRCUMSTANCES OF THE CASE AND BY FOLLOWING THE COORDINATE BENCH OF THE TRIBUNAL , THE ISSUE INVOLVED IN THIS APPEAL IS COVERED BY THE DECISION OF THE COORDINATE BENCH IN THE CASE OF ITO VS. SRI RAVURI SAI CHAITANYA (SUPRA) . IN VIEW OF THE ABOVE, THIS APPEAL FILED BY THE ASSESSEE IS ALLOWED . 5 . IN THE RESULT, MISC. APPLICATION OF THE ASSESSEE IS ALLOWED . ORDER PRONOUNCED IN OPEN COURT ON TH IS 28 TH DAY OF MARCH, 201 8 . SD/ - SD/ - ( D.S. SUNDER SINGH ) ( V. DURGA RAO ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 28 TH MARCH , 201 8 . VR/ - 3 MA NO. 73/VIZ/2017 ( T. SRI RAMA KRISHNAYYA ) COPY TO: 1. THE ASSESSEE T. SRI RAMA KRISHNAYYA, D.NO. 9 - 2 - 25, NEAR BURUGUNTA TANK, MANDAPETA. 2. THE REVENUE - AC IT, CENTRAL CIRCLE , RAJAHMUNDR Y . 3. THE CIT (CENTRAL) , HYDERABAD . 4. THE CIT(A) , GUNTUR. 5. THE D.R . , VISAKHAPATNAM. 6. GUARD FILE. BY ORDER (VUKKEM RAMBABU) SR.PS, ITAT, VIZAG.