Sri. B.T. Dayananda Reddy, Bangalore V. The Asst. Commissioner of Income-tax, Central Circle-1(2), Bangalore

MA 95/BANG/2020

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 4692 (ITAT-BANGALORE)
• Duration Of Justice: 3 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 13-10-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 13-07-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRIYADARSHI MISHRA
• Keywords: Capital asset; Capital Gains
• Section: 13

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.95/BANG/2020 ITA NO.134/BANG/2018 ASSESSMENT YEAR : 2004-05 SRI B.T DAYANANDA REDDY, NO.207/2, BOMMASANDRA, ANEKAL TALULK, BANGALORE URBAN DISTRICT. BANGALORE. PAN AAPPD 3836 Q VS. THE ASST. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(2), BANGALORE. APPELLANT RESPONDENT APPELLATE BY : SHRI NARENDRA SHARMA, ADVOCATE RESPONDENT BY : SHRI PRIYADARSHI MISHRA, JCIT DATE OF HEARING : 11-09-2020 DATE OF PRONOUNCEMENT : 13-10-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER PRESENT MISCELLANEOUS PETITION HAS BEEN FILED BY ASSESSEE SEEKING RECTIFICATION OF CERTAIN MISTAKES IN THE COMMON ORDER PASSED BY THIS TRIBUNAL DATED 30/01/20 20 IN ITA NO. 134/BE/2012. 2. LD.AR SUBMITTED THAT, THIS TRIBUNAL WHILE ADJUDICATING GROUND NO. 5-10 DID NOT REMAND THE ISSUE REGARDING VERIFYING WHETHER LAND SOLD WAS AGRICULTURAL LAND O R NOT AND PAGE 2 OF 4 M.P NO.95/BANG/2020 APPLICABILITY OF PROVISIONS OF CAPITAL GAINS TO AUT HORITIES BELOW, THOUGH IT WAS EXPRESSED BY THIS TRIBUNAL THAT THE ISSUE REQUIRES EXAMINATION. 3. LD.AR SUBMITTED THAT AT PAGE 13, THIS TRIBUNAL PROCEEDED ON THE FOOTING THAT, ASSESSEE DID NOT SUB MIT ANY DETAILS IN RESPECT OF NATURE OF THE LAND BEFORE AUT HORITIES BELOW, AND THEREFORE IT IS UNASCERTAIN ABLE REGARDI NG APPLICABILITY OF CAPITAL GAINS ON SALE OF LAND UND ER CONSIDERATION. HOWEVER, BEFORE CONCLUDING THE PARAG RAPH, THIS TRIBUNAL HELD THAT, THE SAID LAND IS A LONG TERM CAPITAL ASSET AND CAPITAL GAINS MUST BE COMPUTED BY GRANTIN G INDEXATION BENEFIT TO ASSESSEE. 4. HE SUBMITTED THAT BOTH SIDES HAD AGREED TO THE O PINION EXPRESSED BY THIS TRIBUNAL IN COURSE OF HEARING FOR THE ISSUE TO BE REMANDED FOR VERIFICATION TO AUTHORITIES BELO W. WE HAVE PERUSED OUR NOTINGS IN LOGBOOK THAT WAS R ECORDED DURING THE COURSE OF HEARING ON RELEVANT DATE. WE N OTE THAT WHAT IS SUBMITTED BY LD.AR IS CORRECT. IN THE INTER EST OF JUSTICE, THEREFORE WE DEEM IT PROPER TO RECTIFY LA ST FEW LINES OF PARAGRAPH AT PAGE 13 WHICH SHALL READ AS UNDER: HOWEVER, WE ALSO NOTE THAT ASSESSEE HAS NOT ESTABLISHED BY WAY OF DOCUMENTS/EVIDENCES THAT IT W AS AGRICULTURAL LAND. WE THEREFORE REMANDED THIS ISSUE BACK TO LD.AO TO CARRY OUT VERIFICATION BASED ON TH E DOCUMENTS FILED BY ASSESSEE IN RESPECT OF ITS CONTE NTION. ASSESSEE IS DIRECTED TO FILE ALL REQUISITE DETAILS/EVIDENCES/DOCUMENTS TO ESTABLISH THE NATURE OF LAND. LD.AO SHALL VERIFY FROM LAND RECORDS THE NAT URE PAGE 3 OF 4 M.P NO.95/BANG/2020 OF LAND. IN THE EVENT LD.AO DECIPHERS THE NATURE OF LAND TO BE NOT AGRICULTURAL, LONG-TERM CAPITAL GAINS SHA LL BE COMPUTED BY GRANTING INDEXATION BENEFIT TO ASSESSEE . ACCORDINGLY GROUNDS 5-10 STANDS ALLOWED FOR STATIST ICAL PURPOSES. IN THE RESULT THE MISCELLANEOUS PETITION FILED BY A SSESSEE STANDS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 13 TH OCT, 2020. SD/- SD/- (A.K GARODIA) (BEENA PILLAI) ACCOUNTANT MEMBER JUDICIAL MEMBER BANGALORE, DATED, THE 13 TH OCT, 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.95/BANG/2020 DATE INITIAL 1. DRAFT DICTATED ON ON DRAGON SR.PS 2. DRAFT PLACED BEFORE AUTHOR -10-2020 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER -10-2020 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. -10-2020 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS -10-2020 SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON -10-2020 SR.PS 7. DATE OF UPLOADING THE ORDER ON WEBSITE -10-2020 SR.PS 8. IF NOT UPLOADED, FURNISH THE REASON -- SR.PS 9. FILE SENT TO THE BENCH CLERK -10-2020 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