ITO, WD-55(1), KOLKATA, Kolkata V. Shri Sunil Kumar Saha, Kolkata

MA 86/KOL/2015

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 4087 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 19-02-2016
• Appeal Filed By: Department
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 27-08-2015
• Court: TRIBUNAL
• Keywords: Benefit of exemption

Judgement Text

MA NO.86/KOL/2015 A-AM SHRI SUNIL KUMAR SAHA 1 IN THE INCOME TAX APPELLATE TRIBUNAL : BENCH A : KOLKATA BEFORE SHRI N.V VASUDEVAN , JUDICIAL MEMBER, AND SHRI M.BALAGANESH, ACCOUNTANT MEMBER MISC. APPLICATION NO. 86/KOL/2015 [ ARISING OUT OF ITA NO.1052/KOL/2014 A.Y 2006-07] I.T.O WARD 55(1), KOLKATA VS. SHRI SUNIL KUMAR SAHA PAN: ALKPS 75 64E [ APPLICANT ] [RESPONDENT] FOR THE APPLICANT : SHRI AMITAVA ROY, JCIT/ LD. SR.DR FOR THE RESPONDENT : SHRI K.M ROY, FCA, LD. AR DATE OF HEARING : 19-02-2016 DATE OF PRONOUNCEMENT: 19-02-2016 O R D E R SHRI M.BALAGANESH, AM : THIS IS A MISCELLANEOUS APPLICATION FILED BY THE REVENUE AGAINST THE IMPUGNED ORDER OF THE TRIBUNAL PASSED IN ITA NO. 1052/KOL/20 14 DATED MAY 6, 2015 FOR THE ASSESSMENT YEAR 2006-07. 2. SHRI AMITAVA ROY, JCIT/ LEARNED SR.DR REPRESENTE D ON BEHALF OF THE REVENUE AND SHRI K.M ROY, FCA, LEARNED AR REPRESENTED ON BEHALF OF THE ASSESSEE. 3. BY VIRTUE OF THIS MISC. APPLICATION BY THE REVE NUE, IT WAS SOUGHT TO RECTIFY THE MISTAKE APPARENT IN THE IMPUGNED ORDER WITH REGARD TO MENTIONING THE DATE AS 21/07/2007 INSTEAD OF 21/01/2007 IN PAGE 4 SEVENTH LINE OF THE ITATS SAID ORDER. 4. BRIEF FACTS OF THIS CASE ARE THAT THE ASSESSEE I NVESTED IN REC BONDS IN ORDER TO CLAIM OF EXEMPTION FROM CAPITAL GAINS U/S. 54EC OF THE I.T ACT 1961 IN RESPECT OF PROPERTY SOLD BY HIM ON 15/01/2006. FROM THE MATER IAL AVAILABLE ON RECORD, IT IS MA NO.86/KOL/2015 A-AM SHRI SUNIL KUMAR SAHA 2 OBSERVED THAT REC BONDS WERE NOT AVAILABLE IN THE M ARKET UPTO 21/01/2007. IT WAS AVAILABLE FOR INVESTMENT ONLY FROM 22/01/2007. THE ASSESSEE IN THE INSTANT CASE HAD DULY INVESTED IN REC BONDS ON 01/02/2007. THE ITAT IN ITS ORDER IN ITA NO.1052/KOL/2014 DATED 06.05.2015 BY PLACING RELIA NCE ON THE DECISION OF THE HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT, CENTR AL-III, MUMBAI VS.- CELLO PLAST REPORTED IN 24 TAXMAN.COM 111(BOM.) HELD THA T FOR WANT OF REC BONDS IN THE MARKET, THE ASSESSEE SHOULD NOT BE DENIED THE BENE FIT OF EXEMPTION U/S. 54EC OF THE ACT AND ALSO HELD THE MOMENT THE REC BONDS WERE A VAILABLE IN THE MARKET FROM 22/01/2007, THE ASSESSEE IMMEDIATELY HAD INVESTED I N THE SAME WITHIN 11 DAYS I.E. ON 01.02.2007. BASED ON THIS, BENEFIT OF EXEMPTION U/S . 54EC OF THE ACT WAS GRANTED TO THE ASSESSEE. HOWEVER, WHILE MENTIONING THE DATE IN THE SEVENTH LINE AT PAGE 4 OF THE SAID ITATS ORDER, IT HAS BEEN ERRONEOUSLY MENTIONE D AS 21.07.2007 INSTEAD OF 21.01.2007. THIS MISTAKE WAS DULY POINTED OUT BY TH E REVENUE VIDE THIS MISC. APPLICATION, WHICH IS FOUND TO BE IN ORDER. ACCORDI NGLY, WE MODIFY THE RELEVANT PORTION OF THE SAID ORDER IN SEVENTH LINE AT PAGE 4 AS UND ER:- BUT WE NOTED AFTER 31.12.2006 TILL 21.01.2007 T HE REC BONDS WERE NOT AVAILABLE IN THE MARKET FOR PURCHASE , THEREFORE, THE ASSESSEE COULD NOT MAKE THE INVESTMENT IN BONDS. ULTIMATELY, THE FINDING OF THE TRIBUNAL IN THE SAID ORDER AND DECISION THEREON IS NOT VITIATED PURSUANT TO THIS RECTIFICATION. 5. IN THE RESULT, THE MISC. APPLICATION FILED BY TH E REVENUE IS ALLOWED TO THAT EXTENT. THIS ORDER IS PRONOUNCED IN THE OP EN COURT ON 19-02-2016 SD/- SD/- [ N.V.VASUDEVAN ] [ M.BALAGANE SH ] JUDICIAL MEMBER ACCOUNTANT MEMB ER DATED 19/02/2016 MA NO.86/KOL/2015 A-AM SHRI SUNIL KUMAR SAHA 3 **PRADIP SPS COPY OF THE ORDER FORWARDED TO : 1. APPLICANT: INCOME TAX OFFICER WARD 55(1) 54 RAFI AH MED KIDWAI ROAD, 4 TH FL, KOLKATA-700 016. 2. RESPONDENT: SHRI SUNIL KUMAR SAHA 7A DESHPRIYA PARK (WEST), 4 TH FL., KOLKATA-700 026. 3. THE CIT(A) KOL. 4. THE CIT KOL. 5. DR,ITAT, KOL TRUE COPY TRUE COPY BY ORDER ASSISTANT REGISTRAR, ITAT,KOL