SAJID QAMRUZ ZAMAN,MUMBAI vs. CIT 13, MUMBAI

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ITA 4070/MUM/2013Status: DisposedITAT Mumbai22 August 2016AY 2008-0910 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO had taken a possible view by considering the first agreement date and payment, making the gain LTCG. Therefore, the CIT's revisionary powers under Section 263 were not justified as the AO's order was neither erroneous nor prejudicial to the revenue.

What were the facts?

The assessee sold a flat and claimed the gain as Long Term Capital Gains (LTCG) and sought exemption under Section 54. The Assessing Officer (AO) accepted this. However, the Commissioner of Income Tax (CIT) invoked Section 263, holding the gain to be Short Term Capital Gains (STCG) based on a later agreement date.

What were the issues?

Whether the CIT was justified in exercising revisionary powers under Section 263 when the AO had taken a possible view on the date of purchase for calculating capital gains?

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 54

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: SHRI SHAILENDRA KUMAR YADAV, JM & SHRI RAJESH KUMAR, AM

Hearing: 17.8.2016Pronounced: 22.08.2016

आदेश की प्रतिलऱपप अग्रेपिि/Copy of the Order forwarded to : अऩीरधथी / The Appellant 1. प्रत्मथी / The Respondent. 2. आमकय आमुक्त(अऩीर) / The CIT(A)- concerned 3. आमकय आमुक्त / CIT concerned 4. ववबधगीम प्रनतननधध, आमकय अऩीरीम अधधकयण, भुंफई / 5. DR, ITAT, Mumbai concerned 6. गधर्ा पधईर / Guard file. आदेशधनुसधय/ BY ORDER, / / True copy / / सहधमक ऩंजीकधय (Asstt. Registrar) आमकय अऩीरीम अधधकयण, भुंफई /ITAT, Mumbai

Date Initials 1. Draft dictated on 18.8.2016 SPS 2. Draft placed before author 18.8.2016 SPS 3. Draft proposed & placed before the Second JM Member 4. Draft discussed/approved by Second Member AM 5. Approved Draft comes to the Sr. PS SPS 6. Kept for pronouncement on SPS 7. File sent to the Bench Clerk SPS 8. Date on which file goes to the Head Clerk 9. Date on which file goes to A.R. 10. Date of dispatch of order

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