DAMODHAR REDDY SAMA,R.R.DIST vs. INCOME TAX OFFICER, WARD-8(2), HYDERABAD

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ITA 1638/HYD/2017Status: DisposedITAT Hyderabad05 November 2020AY 2008-092 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal, following its decision in the assessee's wife's case, set aside the current appeal to the file of the CIT(A). The CIT(A) is to reconsider the appeal in accordance with the law after providing the assessee with a proper hearing opportunity.

What were the facts?

The assessee and his wife co-owned a property that was sold, resulting in capital gains. The Assessing Officer applied Section 50C to tax these gains. The assessee's wife's case was previously set aside to the CIT(A) for reconsideration.

What were the issues?

Whether the application of Section 50C for capital gains tax on a property sale was correct. The need for uniformity in decision-making with a related case.

Which sections of the Income-tax Act were involved?

Section 50C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad ‘ A ‘ Bench, Hyderabad

Before: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

Hearing: 05/11/2020Pronounced: 05/11/2020

This is assessee’s appeal for the A.Y 2008-09 against the order of the CIT (A)-2, Hyderabad, dated 21.07.2017.

2.

At the outset, the learned Counsel for the assessee submitted that the assessee and his wife were the co-owners of a property which was sold, on which the capital gain has arisen and the AO had applied the provisions of section 50C to the transactions and brought the capital gain to tax. He submitted that in the assessees’ wife’s case, the Tribunal had set aside the issue to the file of the CIT (A) and therefore, for uniformity of decision, this appeal may also be set aside to the file of the CIT (A).

3.

The learned DR was also heard.

4.

Having gone through the decision of the ITAT in the case of Smt.Sama Maheshwari in dated 11.5.2018, the assessees’ wife, we deem it fit and proper to set aside the assessee’s appeal also to the file of the CIT (A) for reconsideration of the appeal in accordance with law after affording reasonable opportunity of hearing to the assessee.

5.

In the result, assessee’s appeal is treated as allowed for statistical purposes.

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