Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, PUNE “SMC” BENCH : PUNE [VIRTUAL HEARING]
Before: SHRI SATBEER SINGH GODARA
BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.843/PUN./2023 [E-APPEAL] Assessment Year 2011-2012 Shri Vatsala Rangnath The Income Tax Officer, Kathe, Kathe Farm Tidke Ward – 1 (1), Income Tax Office Nagar, Near Priyanka Park, Kendriya Rajaswa Bhavan, Ram Ontawadi, Nashik vs. Ganesh Gadkari Chowk, Old PIN – 422 008 Agra Road, Nashik-422002. PAN BRDPK0968E Maharashtra. Maharashtra. (Appellant) (Respondent) For Assessee : Shri Pramod Shingte For Revenue : Shri Gaurav K Singh Date of Hearing : 27.02.2024 Date of Pronouncement : 27.02.2024 ORDER PER SATBEER SINGH GODARA, J.M. : This assessee’s appeal for assessment year 2011-12, arises against the National Faceless Appeal Centre [in short the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/2022- 23/1043916799(1), dated 19.07.2022, involving proceedings u/s. 144 of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties. Case file perused.
It emerges at the outset with the able assistance coming from both the parties representing through their learned representatives that both the learned lower authorities have added capital gains amount of Rs.15 lakhs @ 25% of the total sale consideration amounting to Rs.60 lakhs; in assessment order dated 21.12.2016 as upheld in the NFAC’s discussion. Mr. Gaurav Singh
2 ITA.No.843/PUN./2023 could hardly dispute the clinching fact that neither the learned Assessing Officer nor the NFAC have taken any steps to determine the cost of acquisition of the assessee’s capital asset transferred in the relevant previous year. That being the case, it is deemed appropriate in the larger interest of justice to restore the assessee’s instant appeal back to the learned Assessing Officer for his afresh adjudication, preferably within three effective opportunities of hearing, subject to the rider that assessee shall plead and prove the foregoing cost of acquisition at his own risk and responsibility in consequential proceedings. Ordered accordingly.
These assessee’s appeal is allowed for statistical purposes in above terms.
Order pronounced in the open Court on 27.02.2024.