Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, INDORE SMC BENCH, INDORE
Before: SHRI KUL BHARAT
IN THE INCOME TAX APPELLATE TRIBUNAL INDORE SMC BENCH, INDORE
BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER
ITA No. 595/Ind/2018 Assessment Year: 2014-15
Smt. Premlata Jain, 89, Ravindra Nagar, New Palasia Indore PAN – ADOPJ8776B :: Appellant
Vs
ITO, 5(1), Indore :: Respondent
Appellant by Shri Ateek Bansal, CA Revenue by Shri R.S. Ambedkar, Sr. DR Date of hearing 14.11.2018 Date of pronouncement 16 .11.2018
O R D E R This appeal is filed by the Assessee against the order of Commissioner of Income Tax (Appeals)-II, Indore dated 12.03.2018 pertaining to A.Y. 2014-15. The assessee has raised
following grounds of appeal:
“1. The order of the Ld. ITO was confirmed by the CIT(A) where he erred legally and on facts also by confirming the addition of transfer expenses of Rs.2,34,650/- in capital gain despite the fact that deduction u/s 54 was available.”
SMC – Smt. Premlata Jain 2 ITA No.595 of 2018
Briefly stated the facts are that the case of the assessee was
picked up for scrutiny assessment and the assessment u/s
143(3) of the Income Tax Act 1961(hereinafter called as ‘the Act’)
was framed vide order dated 01.09.2016 while framing the
assessment, the assessing officer disallowed the transfer
expenses of Rs.2,34,650/- as claimed by the assessee.
Aggrieved by this order the assessee preferred an appeal before
the Ld. CIT(A) who after considering the submissions partly
allowed the appeal by giving direction to the assessing officer to
consider the expenses in computing the income of capital gain.
Ld. counsel for the assessee reiterated the submissions as
made in the written submissions. Ld. Counsel for the assessee
submitted that no capital gain would be payable by the assessee,
if the deduction u/s 54 of the Act is allowed. He submitted that
before the assessing officer also this ground was taken. He has
drawn my attention to paper book pages 23 & 24. He, therefore,
submitted that if the benefit of section 54 of the Act is given in
that event no capital gain would be payable by the assessee.
Ld. Departmental Representative (DR) opposed the submission
and supported the orders of the authorities below.
SMC – Smt. Premlata Jain 3 ITA No.595 of 2018
I have heard both the parties and perused the material on
record and gone through orders of authorities below. From the
records, it is noticed that both authorities below have not
adverted on the claim of section 54 of the Act, therefore,
considering the totality of the fact the impugned order is set aside
and issue relating to claim u/s 54 of the assessee is to restore to
the file of assessing officer to reconsider the same and decide in
accordance with law. Ground raised by the assessee is allowed
for statistical purposes.
In result, the appeal of the assessee is allowed for statistical
purposed.
Order was pronounced in the open court on 16.11.2018.
Sd/- (KUL BHARAT) JUDICIAL MEMBER Dated : 16.11.2018 Patel Copy to: Appellant/Respondent/Pr.CIT(A)/Pr.CIT/DR, Indore Assistant Registrar, Indore