SHRI RAGHVENDRA GOSWAMI,BHOPAL vs. THE ACIT-3(1), BHOPAL

ITA 113/IND/2016Status: DisposedITAT Indore05 December 2017AY 2009-107 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the transfer of the capital asset occurred on May 31, 2007, in FY 2007-08, relevant to AY 2008-09, based on the agreement to sell, payment of consideration, and transfer of possession. Therefore, reopening the assessment for AY 2009-10 was not permissible.

What were the facts?

The assessee sold agricultural land for Rs. 28,00,000, but the stamp duty valuation was Rs. 67,55,000. The Assessing Officer (AO) reopened the assessment for AY 2009-10, adopting the higher valuation and adding Rs. 61,53,470 to the capital gains. The CIT(A) directed the AO to assess this gain in AY 2008-09.

What were the issues?

Whether the reopening of assessment for AY 2009-10 was valid when the transfer of capital asset occurred in AY 2008-09. Whether the provisions of Section 2(47) of the Income Tax Act were correctly applied to determine the year of transfer.

Which sections of the Income-tax Act were involved?

Section 2(47),Section 147,Section 148,Section 45

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, INDORE BENCHE, INDORE

Before: SHRI KUL BHARAT & SHRI MANISH BORAD

For Respondent: Shri K. G. Goyal Sr. DR
Hearing: 04.12.2017Pronounced: 05.12.2017

PER KUL BHARAT, J.M: This appeal by the Assessee is directed against the order of Ld. Commissioner of Income Tax(Appeals), Bhopal-2, Madhya Pradesh (in short ‘CIT’), dated 16.11.2015 for the A.Y. 2009-10. The assessee has raised following grounds of appeal:

“1. On the facts and in the circumstances of the case, the Ld. CIT() was not justified in upholding that the order u/s. 143(3)/147 passed by the assessing officer was not illegal, invalid and untenable in law.

RaghvendraGoswami

2.

On the facts and in the circumstances of the case, the Ld. CIT(A) was not justified in holding that the assessing officer has rightly invoked the provisions of section 50C to compute Lo

The order continues below.

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