Shri. Arun Kumar B M , Bangalore V. Income Tax Officer Ward-5(3)(5), Bangalore

MA 74/BANG/2020

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 9474 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 3 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 21-08-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 17-06-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRIYADARSHI MISHRA
• Assessee Lawyers: L BHARATH
• Section: 54EC; 54

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI A.K GARODIA, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER M.P NO.74/BANG/2020 (IN ITA NO.667/BANG/2017) ASSESSMENT YEAR : 2013-14 SHRI ARUN KUMAR BM, #37 I A CROSS, UDAYARAVI, VEERAPPA ROAD, HANUMANTHNAGAR, BENGALURU-560 019. PAN AHDPA 9846 L VS. THE INCOME-TAX OFFICER, WARD-5(3)(5), BENGALURU. APPELLANT RESPONDENT APPELLANT BY : SHRI L BHARATH, C.A REVENUE BY : SHRI PRIYADARSHI MISHRA , JCIT DATE OF HEARING : 14-08-2020 DATE OF PRONOUNCEMENT : -08-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER PRESENT MISCELLANEOUS PETITION HAS BEEN FILED BY ASSESSEE ALLEGING MISTAKE APPARENT ON RECORD IN ORD ER PASSED BY THIS TRIBUNAL IN ORDER DATED 19/02/2020. IT HAS BEEN SUBMITTED BY LD.AR THAT FOLLOWING GROUNDS HAS NOT BEEN ADJUDICATED IN ACCORDANCE WITH SUBMISSIONS FIL ED AT THE TIME OF HEARING. PAGE 2 OF 4 M.P NO.74/BANG/2020 GROUND 3(A) - THE LEARNED APPELLATE AUTHORITY('LAA') ERRED IN CONFIRMING THE ACTION OF THE LEARNED ASSESSING OFFI CER('LAO) IN DISALLOWING THE CLAIM OF THE APPELLANT OF THE BENEF IT OF SECTION 54EC TO THE EXTENT OF RS. 1,00,00,000/- AND RESTRIC TING THE BENEFIT TO THE EXTENT OF RS.50.00,000/-. GROUND 3(B) - THE LEARNED APPELLATE AUTHORITY ERRED IN CONFIRMING THE ACTION OF THE LEARNED ASSESSING OFFI CER BY NOT FOLLOWING THE RULINGS OF THE JURISDICTIONAL TRIBUNA L WHICH ARE FAVOURABLE TO THE APPELLANT. 2. LD.AR SUBMITTED THAT, THIS TRIBUNAL RESTRICTED BENEFIT AVAILABLE UNDER SECTION 54 EC FOR YEAR UNDER CONSID ERATION AT RS.50 LACS, AS AGAINST RS.1 CRORE, CLAIMED BY AS SESSEE. IT HAS BEEN SUBMITTED THAT, SUCH RESTRICTION HAS BEEN IMPOSED BY LEGISLATURE, WITH AMENDMENT TO SECTION 54EC BY F INANCE ACT (NO.2), 2014, W.E.F. ASSESSMENT YEAR 2015-16. L D.AR SUBMITTED THAT, PRESENT ASSESSMENT YEAR BEING 2013- 14 THE SAID AMENDMENT WILL NOT BE APPLICABLE. 3. ON THE CONTRARY, LD.SR.DR PLACED RELIANCE ON ORD ER PASSED BY THIS TRIBUNAL . 4. WE HAVE PERUSED THE SUBMISSIONS ADVANCED BY BOTH SIDES IN LIGHT OF RECORDS PLACED BEFORE US. 5. WE HAVE PERUSED THE DATE OF AMENDMENT BROUGHT IN BY FINANCE ACT NO.2, 2014 W.E.F. ASSESSMENT YEAR 2015- 16 TO SECTION 54EC WHEREIN INVESTMENT IS RESTRICTED TO RS .50 LACS IN A FINANCIAL YEAR. CONSIDERING THE FACT THAT PRES ENT ASSESSMENT YEAR IS 2013-14, THE AMENDMENT ADMITTEDL Y WOULD NOT BE APPLICABLE TO ASSESSEE IN THE PRESENT CASE. 6. WE ARE THEREFORE OF THE OPINION THAT THESE GROUN DS NEEDS TO BE RE-ADJUDICATED AFRESH. PAGE 3 OF 4 M.P NO.74/BANG/2020 7. THEREFORE WE RECALL IMPUGNED ORDER DATED 19/02/2 020 FOR LIMITED PURPOSES OF ADJUDICATING GROUND 3 (A) A ND 3 (B) A FRESH. REGISTRY IS DIRECTED TO FIX THE APPEAL FOR H EARING ON GROUND 3 (A) AND 3 (B) IN DUE COURSE. IN THE RESULT, MISCELLANEOUS PETITION FILED BY ASSE SSEE STANDS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 21 ST AUG, 2020. SD/- SD/- (A.K GARODIA) (BEENA PILLAI) ACCOUNTANT MEMBER JUDICIAL MEMBER BANGALORE, DATED, THE 21 ST AUG, 2020. /VMS/ COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME-TAX APPELLATE TRIBUNAL. BANGALORE. PAGE 4 OF 4 M.P NO.74/BANG/2020 DATE INITIAL 1. DRAFT DICTATED ON ON DRAGON SR.PS 2. DRAFT PLACED BEFORE AUTHOR -08-2020 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER -08-2020 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. -08-2020 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS -08-2020 SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON -08-2020 SR.PS 7. DATE OF UPLOADING THE ORDER ON WEBSITE -08-2020 SR.PS 8. IF NOT UPLOADED, FURNISH THE REASON -- SR.PS 9. FILE SENT TO THE BENCH CLERK -08-2020 SR.PS 10. DATE ON WHICH FILE GOES TO THE AR 11. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 12. DATE OF DISPATCH OF ORDER. 13. DRAFT DICTATION SHEETS ARE ATTACHED NO SR.PS