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Income Tax Appellate Tribunal, “A” BENCH,
Before: SHRIS.S.VISWANETHRA RAVI, & DR. DIPAK P. RIPOTE
Revenue by : Shri S.P. Walimbe - DR Assessee by : Shri Hari Krishnan - AR सुनवाई क" तारीख / Date of Hearing : 17.02.2022 घोषणा क" तारीख / Date of Pronouncement : 29.04.2022 आदेश / ORDER
PER DR. DIPAK P. RIPOTE, AM:
This is an appeal filed by the Assessee directed against the order of ld.Commissioner of Income Tax(Appeals)-10, Pune dated 20.02.2017 for the Assessment Year 2012-13.
The Assessee raised following grounds of appeal: “1. The Ld. Commissioner of Income Tax (Appeals) has erred in rejecting the contention raised by the assessee in ground number 3 to 10 before the Commissioner of Income Tax (Appeals) that no Capital Gains were chargeable in Assessment Year 2012-13. The Ld. Commissioner of Income Tax (Appeals) should have held that no transfer of a capital asset has taken place as envisaged u/s 2(47) of the Income Tax Act, in the previous year relevant to Assessment Year 2012-13 under consideration and no Capital BabushaHaribhauGade Gains have arisen in Assessment Year 2012-13 in respect of the Joint Venture Agreement dated 28-09-2011.
2. The Ld. Commissioner of Income Tax (Appeals) has failed to appreciate that nopossession of the land was given, and no sale consideration was received and no final sale deed was executed in the previous year relevant to Assessment Year 2012-13 under consideration.
3. As the assessee has duly declared the Capital Gains, arising in respect of land given for development under the Joint Venture Agreement, in Assessment Years 2013-14 to 2017-18, subjecting the Capital Gains to tax in Assessment Year 2012-13 also, amounts to double taxation. Accordingly without prejudice, if the contention raised by the assessee that Capital Gains on transfer of land has not arisen and is accordingly not taxable in Assessment Year 2012-13, is not accepted by the Hon’ble Income Tax Appellate Tribunal it may issue directions to the Assessing Officer to exclude the Capital Gains from the income assessed for Assessment Years 2013-14 to 2017-18 in respect of the transfer of the land under Joint Venture Agreement dated 28-09-2011 and to refund the tax paid by the assessee on the said Capital Gains, alongwith the interest due thereon.
4. The appellant craves leave to add to or amend/modify or delete any or all of the above grounds of appeal. The above concisegrounds were filed during theproceedings by the appellant’s AR and he stated that these grounds may be adjudicated and not the one which have been filed along with the appeal memo.Accordingly, these grounds are considered.
Brief facts of the case are that the appellant-assessee filed return of income for A.Y. 2012-13 on 25.03.2014 showing following computation of total income :-
Particulars Rs. Rs. Rs. Income from Profit/Gains of Business/Profession Income from Business/Profession 1. Capital Gain 0 0 Net Profit (Loss) Income from Capital Gains Long Term 0 1. Sale of Agricultural Land Gat No.743 14044595 Date of Sale :28/09/2011 Fair Market Value as on 2 BabushaHaribhauGade 01/04/2001 Rs.466620/-, Purchase Date : 01/04/1981 with Indexation @ 785/100 Capital Gain 3662967 Investment of Rs.14688000 u/s 54 10381628 F-Reinvestment within 1 year from 10381628 or to date of transfer towards purchase of residential property, hence deduct Gross Total Income Nil Total Income Nil Thus, the appellant claimed in the return of income that the appellant had sold land at Survey No.743, Wagholi, Tal. Haveli, Pune on 28.09.2011. Accordingly, the appellant had shown capital gain in the return of income. However, appellant and other co-owners had entered into a registered joint development agreement on 28.09.2011 with M/s. Vyankatesh Developers. The said joint development agreement was duly registered on 28.09.2011 before the Sub-