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Income Tax Appellate Tribunal, KOLKATA ‘B BENCH, KOLKATA
Before: Shri J. Sudhakar Reddy & S.S. Godara]
order : January 15th, 2020 ORDER Per J. Sudhakar Reddy, AM :- This is an appeal filed by the assessee directed against the order of the Pr. Commissioner of Income Tax-10, Kolkata dated 29.01.2019 u/s 263 of the Income Tax Act, 1961 (‘the Act’ for short) for AY 2014-15.
After hearing rival contentions we find that the assessee has already offered Long Term Capital Gain of ₹74,24,380/- to tax under Income Declaration Scheme (‘IDS’ for short), 2016 and paid taxes thereto. This fact was stated before the ld. Pr. CIT by the assessee. The ld. DR also acknowledges the same. The Pr. CIT proposes that the purchase price of 1,00,000/- is to be added and the commission payment to the tune of ₹3,76,219/- has to be brought to tax, in his order passed u/s 263 of the Act.
In our view, once the income offered and the IDS, 2016 is accepted by the Department, an order passed u/s 143(3) of the Act cannot be revised, as the items of addition in question directed by the ld. Pr. CIT was part of the IDS, 2016 application and not part of the order passed u/s 143(3) of the Act.
Even otherwise once a person has availed IDS, 2016 and paid taxes, in our view it is not correct for the Pr. CIT to revise the assessment order u/s 263 of the Act as this Assessment Year: 2014-15 Manju Osatwal. would be against the spirit of the scheme. Thus we cancel the same and allow the appeal of the assessee. 5. In the result, the appeal of the assessee is allowed. Kolkata, the 15th January, 2020.