ACIT, CENTRAL CIRCLE-3, PATNA vs. SRI RAJESH KUMAR SINGH(HUF), PATNA

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ITA 70/PAT/2019Status: DisposedITAT Patna18 October 2024AY 2010-112 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the Revenue's appeals due to insufficient tax effect, as per CBDT Instruction No. 9 of 2024. The relief granted by the CIT(A) was below the threshold of Rs. 60,00,000/- and did not fall under any exceptions.

What were the facts?

The Revenue filed appeals against the CIT(A)'s order concerning the taxability of Long Term Capital Gain. The CIT(A) had deleted the addition made by the AO on account of LTCG arising from property sale in the year of instrument registration.

What were the issues?

Whether the Revenue's appeal is maintainable before the ITAT when the tax effect is below the threshold specified by CBDT instructions.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 153C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PATNA BENCH, PATNA

Before: DR. MANISH BORAD & SHRI SONJOY SARMA

For Appellant: Shri A.K. Rastogi, Advocate
Hearing: 09.07.2024Pronounced: 18.10.2024

Assessment Year: 2010-11 Asst. Commissioner of Shri Rajesh Kumar Singh, HUF Income-tax, CC-3 , Vs S/o Late Laxmi Narayan Singh, Sita Patna Sadan, Rajapur Pul, Patna [PAN : AACHR7224K] अपीलार्थी/ (Appellant) प्रत्‍यर्थी/ (Respondent) Assessee by : Shri A.K. Rastogi, Advocate Revenue by : Shri Rinku Singh, CIT DR सुनवाई की तारीख/Date of Hearing : 09.07.2024 & 18.10.2024 घोषणा की तारीख /Date of Pronouncement : 18.10.2024 आदेश/O R D E R

PER DR. MANISH BORAD, ACCOUNTANT MEMBER:

1.

The captioned appeals filed by the Revenue, pertaining to assessment years 2010-11 are directed against the order passed by the Learned Commissioner of Income Tax (Appeals) – 3, Patna (hereinafter referred to as the ‘ld. CIT(A)’) dated 17th December, 2018, which is arising out of the assessment order u/s 143(3)/ 153C of the Income-tax Act, 1961 (the Act) vide dated 24th January, 2014.

2.

Assessee has raised following grounds of appeal:-

1. That the CIT (A) has erred in deciding the taxability of Long Term Capital Gain in the hands of taxpayer in the year of registration of JDA and GPA 2. That the CIT (A) has erred in deleting the entire addition made by the AO on account of Long Term Capital Gain arising out of sale of property in the year of registration of instrument, treated as year of acquisition;

3. With the assistance of ld. CIT(DR), we have gone through the grounds raised by the Revenue. It is pertinent to note that the tax effect by

4.

On due consideration of the above facts and circumstances, we dismiss these appeals of the Revenue for want of tax effect. However, in case on re-verification of the facts at the end of the Assessing Officer, it comes out that tax effect is more than 60 lacs or this case falls in any of the exceptions provided in this Instruction then Revenue will be at liberty to file Miscellaneous Application for revival of these appeals. Such application should be filed within the time limit provided in the Act.

5.

In the result, all the appeals of the Revenue are dismissed. Order pronounced in the Court on 18th October, 2024 at Kolkata.

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