JAYANTILAL TOKERSHI DEDHIA,MUMBAI vs. DCIT - CIRCLE 2, KALYAN

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ITA 6246/MUM/2018Status: DisposedITAT Mumbai04 January 2021AY 2015-164 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the matter to the AO for re-computation of gains, considering the reassessment for AY 2012-13, to provide the available relief to the assessee.

What were the facts?

The assessee sold flats and shops during AY 2015-16, reporting long-term capital gains. The AO treated these gains as short-term and proposed taxing them in AY 2012-13, which was confirmed by the CIT(A). The assessee sought relief for gains already taxed in AY 2012-13.

What were the issues?

Whether capital gains already taxed in a prior assessment year should be considered for the current assessment year, and the need for re-computation based on subsequent reassessment proceedings.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

Before: HON’BLE SHRI AMARJIT SINGH, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Bhadresh Doshi-Ld. AR
For Respondent: Ms. Usha Gaikwad –Ld. DR

सुनवाई की तारीख/ : 07/12/2020 Date of Hearing घोषणा की तारीख / : 04/01/2021 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year [in short referred to as ‘AY’] 2015-16 contest the order of Ld. Commissioner of Income-Tax (Appeals)-3, Thane [in short referred to as ‘CIT(A)’], Appeal No.10201-THN/17-18 dated 01/08/2018 on certain grounds of appeal.

2 Jayantilal Tokershi Dedhia Assessment Year: 2015-16 2. The Ld. AR for assessee, at the outset, pressed only for additional grounds of appeal in view of the fact that another assessment has been framed subsequently for AY 2012-13 u/s 143(3) r.w.s.147 of the Act and the same has bearing on the issue. The additional ground of appeal read as under: - On the facts and circumstances of the case and in law, the appellant may please be allowed a relief to the extent of the value of flats / shops which has already been taxed in A.Y.2012-13 vide assessment order dated 27-12-2018 passed under Section 143(3) r.w.s. 147 of the Income Tax Act and thereby reducing the capital gain arising upon transfer of said flats /shops during the year under consideration to that extent.

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