SHRI DEEPAK SURESH GADGE,,NAGPUR vs. DY. CIT, CIRCLE-1 , NAGPUR

ITA 23/NAG/2018Status: DisposedITAT Nagpur28 November 2024AY 2013-2014Bench: SHRI V. DURGA RAO (Judicial Member)15 pages
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What did the Tribunal hold?

The Tribunal held that the income from the sale of land should be treated as capital gains, not business income, and allowed the claim for indexation. The charging of interest under sections 234A, 234B, and 234C was confirmed as consequential.

What were the facts?

The assessee, engaged in real estate development, declared income from land sale as capital gains. The Assessing Officer treated it as business income, disallowing indexation. The CIT(A) confirmed this, leading to the assessee's appeal.

What were the issues?

Whether the income from the sale of land developed by a former partnership firm, now a proprietorship, should be treated as capital gains or business income. Whether the assessee is entitled to claim indexation on the cost of acquisition.

Which sections of the Income-tax Act were involved?

Section 45(5A)

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI V. DURGA RAO & SHRI K.M. ROY, ACCOUNTANT, MEMBER

For Appellant: Shri Manoj G. Moryani
For Respondent: Shri Abhay Y. Marathe

PER K.M. ROY, A.M.

The present appeal has been filed by the assessee challenging the impugned order dated 10/08/2017, passed by the learned Commissioner of Income Tax (Appeals)–1, Nagpur, [―learned CIT(A)‖], for the assessment year 2013–14. 2. The assessee has raised following grounds:–

―1. On the facts and circumstances of the case the learned CIT(A) erred in confirming the addition, therefore order passed is illegal, invalid and bad in law.

2.

On the facts and circumstances of the case the learned CIT(A) erred in confirming the case in bringing to tax entire amount received from M/s.

2 Shri Deepak Gadge

Sandeep Dwellers Pvt. Ltd. including a sum received

The order continues below.

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