ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

ITA 4875/MUM/2017Status: DisposedITAT Mumbai06 July 2022AY 2009-1055 pages
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What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision regarding the year of taxability of the transfer of development rights. The Tribunal also upheld the CIT(A)'s decision on the issue of unexplained expenditure.

What were the facts?

The assessee offered long-term capital gain on transfer of development rights in AY 2012-13, but the AO contended the transfer occurred in AY 2009-10. The appeals concerned the year of taxability and quantum of capital gains.

What were the issues?

The primary issue was the determination of the correct assessment year for taxing long-term capital gains arising from the transfer of development rights in a plot of land.

Which sections of the Income-tax Act were involved?

Section 2(47)(v),Section 53A

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Cases cited in this judgment(9)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Heard together (4 matters)

CO No. 313/MUM/2018
ITA No. 4875/MUM/2017
CO No. 312/MUM/2018
ITA No. 4876/MUM/2017

Read from the judgment's own cause title. This page is filed under one of them.

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI PAVAN KUMAR GADALE (JUDICIAL MEMBER) Assessment Year: 2012-13 Pankaj Enterprises, JT. CIT Range-25(3), C/o Shankarlal Jain & Assoicates Mumbai-400051. Mumbai-400 002. PAN No. AACFP 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner of Income Tax- M/s Pankaj Enterprises, 25(3), Plot No. 1, Behind ICE Factory, Room No. 601, C-10, 6th floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. PAN No. AACFP 3044 K Appellant Respondent CO No. 313/MUM/2018 (ITA No. 4875/MUM/2017) Assessment Year: 2009-10 & CO No. 312/MUM/2018 (ITA No. 4876/MUM/2017) Assessment Year: 2012-13

Pankaj Enterprises ITA NO. 3773, 4875 &

M/s Pankaj Enterprises, Asst. Commissioner of Income Tax- Asst. Commissioner of Income Tax Plot No. 1, Behind ICE Factory, Saki Plot No. 1, Behind ICE Factory, Saki 25(3), Vihar Road, Chandivali, Vs. Room No. 601, C- -10, 6th floor, Mumbai-400072. Pratyakshakar

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