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Income Tax Appellate Tribunal, “A” BENCH, PUNE
Before: SHRI S.S.GODARA, JM & SHRI DR. DIPAK P. RIPOTE, AM
आदेश / ORDER PER S. S. GODARA, JM :
This assessee’s appeal for A.Y. 2013-14 is directed against the CIT(A)-7, Pune’s order dated 01/07/2019 passed in case No. PN/CIT(A)-7/Wd- 14/10301/2018-19 involving proceeding u/s. 143(3) of the Income Tax Act, 1961; in short "the Act”. Heard both the parties. Case file perused.
Kelkar Brothers Sales Pvt.Ltd.,
The assessee raises the following twin substantive ground in the instant appeal.
“1. On facts and in the circumstances of the case and in law the learned assessing officer erred in granting indexation for working out long term capital gains on sale of immovable property from the FY 2005- 06 instead of FY 2002-03.
2. On facts and in the circumstances of the case and in law the learned assessing officer erred in not recognizing the legal ownership of the assessee company of the immovable property sold in the instant year from FY 2002-03 on the basis of agreement to sale thereby depriving the assessee the benefit of indexation from FY 2002-03 and working out incorrect capital gains amounting to Rs.553929/-”
A perusal of the case records and more particularly the CIT(A) order in para 5.1 page 4 suggests that he has not even entertained the assessee’s lower appeal on account of the fact that the Assessing Officer has declined its cost of acquisition as per the PCIT -6, Pune’s section 263 revision directions dated 09.03.2018. It is in this clinching backdrop of facts that we see no merit in the lower appellate discussion as it has not adjudicated the taxpayer’s corresponding substantive grounds on merits in light of section 250(6) of the Act requiring of framing of points of determination followed by a detailed discussion thereupon. It is further made clear that any assessment framed even consequence to section 263 revision directions always forms subject matter of appellate remedy provide under the statute. Faced with the Kelkar Brothers Sales Pvt.Ltd., situation, we restore the assessee’s instant substantive ground(s) back to the CIT(A) for his afresh adjudication on merit as per law. Ordered accordingly.
This assessee’s appeal is allowed for statistical purpose in above terms.
Order pronounced in the Open Court on this 29th day of August, 2022.