GUNA ADINARAYANA,GUNTUR vs. INCOME TAX OFFICER, WARD-1(1), GUNTUR

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ITA 142/VIZ/2024Status: DisposedITAT Visakhapatnam24 July 2024AY 2017-18Bench: SHRI DUVVURU RL REDDY, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN, HON’BLE (Accountant Member)6 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the CIT(A) had not properly considered the assessee's submissions regarding the sale of agricultural land and the additional grounds of appeal. Therefore, the matter was remitted back to the CIT(A).

What were the facts?

The assessee sold agricultural land and accepted the sale consideration in cash during the demonetization period. The Assessing Officer levied a penalty for violating Section 269SS, which was confirmed by the CIT(A).

What were the issues?

Whether the penalty levied under Section 271D for accepting cash consideration for sale of agricultural land was justified, and whether the additional grounds of appeal regarding limitation and satisfaction were properly considered.

Which sections of the Income-tax Act were involved?

Section 269SS,Section 271D

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

Hearing: 11/06/2024
6.

We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Authorities. On perusal of the order of the Ld. CIT(A)-NFAC, we find that the Ld. CIT(A)-NFAC has not discussed about the submissions made by the assessee regarding the sale of agricultural land. Further, in order to provide one more opportunity to the assessee to raise the additional legal ground 5 before the Ld. CIT(A)-NFAC, we consider it deem fit to remit the matter back to the file of the Ld. CIT(A)-NFAC thereby directing the Ld. CIT(A)-NFAC to adjudicate the case on merits by providing one more opportunity of being heard to the assessee in accordance with the principles of natural justice. It is ordered accordingly.

7.

In the result, appeal filed by the assessee is allowed for statistical purposes as indicated herein above.

Pronounced in the open Court on 24th July, 2024.

Sd/- Sd/- (दुव्िूरु आर.एल रेड्डी) (एस. बालाकृष्णन) (DUVVURU RL REDDY) (S.BALAKRISHNAN) न्याययकसदस्य/JUDICIAL MEMBER लेखा सदस्य/ACCOUNTANT MEMBER Dated : 24.07.2024 OKK - SPS

आदेश की प्रतितिति अग्रेतिि /Copy of the order forwarded to:- निर्धाररती/ The Assessee – Guna Adminarayana, D.No. 3-1-341, Flat 1. No. 105, Golden Homes, Krishna Nagar, Guntur, Andhra Pradesh – 522006. रधजस्व/The Revenue – The Income Tax Officer, Ward-1(1), C.R. 2. Buildings, Kannavarithota, Guntur, Andhra Pradesh – 522001. 3. The Principal Commissioner of Income Tax, आयकर आयुक्त (अपील)/ The Commissioner of Income Tax 4.

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