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Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE
Before: SHRI S.S. GODARA & DR. DIPAK P. RIPOTE
PER S.S. GODARA, JM :
This assessee’s appeal for AY 2008-09 arises against the CIT(A), Pune-5’s order dated 31.01.2020, passed in case No. ITBA/APL/S/250/2019-20/1024528073(1), involving proceedings under 250 of the Income Tax Act, 1961 in short the Act.
Heard both the parties. Case file perused. 2. The assessee’s first and foremost substantive ground challenges validity of the impugned reopening of assessment itself which has assessed adopting long term capital gains of Rs.1,17,02,857/- regarding the sale consideration of Rs.1,21,10,000/- in issue. We note from the Assessing Officer’s detail discussion in para 12 page 7 of his re-assessment dated 25.03.2016 that he has assessed the foregoing long term capital gains only on protective basis in A.Y. 2008-09 before us whereas the substantive assessment to the very effect stood completed on the same date in A.Y. 2012-13. Faced with this situation, we quote DHFL Venture Capital Fund vs. ITO (2019) 34 taxmann.com 300 (Bombay) to conclude that such a protective re-assessment is not valid in eyes of law. The same stands quashed in very terms therefore. The Revenue’s vehement arguments supporting both the learned lower authorities’ action to this effect are rejected accordingly.
All other pleadings on merits raised in the instant appeal stand rendered academic.