SRI. K GOPAL RAJU,BANGALORE vs. ITO, BANGALORE

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ITA 1096/BANG/2016Status: DisposedITAT Bangalore09 March 2017AY 2001-023 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the AO's order dismissing the rectification application lacked reasoning. Therefore, the matter was restored to the AO to pass a reasoned and speaking order.

What were the facts?

The assessee filed a rectification application seeking re-computation of income on long-term capital gains. The Assessing Officer (AO) dismissed this application without providing any reasoning. The CIT(A) confirmed the AO's decision.

What were the issues?

Whether the AO was justified in dismissing the rectification application for re-computation of long-term capital gains without a reasoned order, and whether the CIT(A) erred in confirming this decision.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH : BANGALORE

Before: SHRI GEORGE GEORGE K. & SHRI S. JAYARAMAN

For Appellant: Shri Narendra Sharma, Advocate
For Respondent: Shri M.K. Biju, JCIT(DR)
Hearing: 09.03.2017Pronounced: 09.03.2017

Per George George K., Judicial Member

1.

This appeal at the instance of assessee is directed against CIT(A) order dated: 31.03.2016. The relevant assessment year is 2001-02.

Page 2 of 3 2. The solitary issue raised in this appeal is whether the AO is justified in dismissing the rectification application for re-computation of income on long term capital gains and whether the CIT(A) is justified in confirming the same.

3.

The ld. AR of the assessee submitted that the order passed by the AO is not a reasoned and speaking order and therefore, the matter should be restored to AO for passing a reasoned and speaking order. It was submitted by the ld. counsel for the assessment year 2002-03 a similar order was passed by the AO and the order of the Hon’ble Tribunal has set aside the same and restored the issue to the AO for passing a speaking order. The ld. DR supported the orders of the Income Tax authorities.

4.

We have considered the rival submissions and perused the material on record. We find that as per the order passed by the AO, there is no basis or reasoning indicated by him for holding that there is no mistake apparent from records and hence, we feel it proper to restore the matter to AO for passing a reasoned and speaking order. We order accordingly.

The AO should pass a reasoned and speaking order as per law after affording adequate opportunity of being heard to the assessee.

Page 3 of 3 5. In the result, the appeal of the assessee is allowed for statistical purposes.

Pronounced in the open court on this 09th day of March, 2017

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