SMT. LILABEN BABUBHAI SAKHIYA,,RAJKOT-GUJARAT vs. THE PR. COMMR. OF INCOME TAX-1,, RAJKOT-GUJARAT

ITA 157/RJT/2016Status: DisposedITAT Rajkot19 April 2023AY 2011-12Bench: Ms. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)5 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the Principal CIT's order, finding that the Assessing Officer had not properly examined the assessee's claim for deduction under Section 54B. The Tribunal agreed that the assessment order was erroneous and prejudicial to the interests of the revenue.

What were the facts?

The assessee claimed a deduction under Section 54B on short-term capital gains arising from the conversion of agricultural land into stock-in-trade. The Principal CIT initiated proceedings under Section 263, holding that the Assessing Officer's assessment was erroneous and prejudicial to revenue.

What were the issues?

Whether the Assessing Officer properly verified the deduction claimed under Section 54B, and if the assessment order was erroneous and prejudicial to the revenue.

Which sections of the Income-tax Act were involved?

Section 263,Section 54B,Section 45(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: Ms. Annapurna Gupta & Shri Siddhartha Nautiyal

For Respondent: Shri Shramdeep Sinha, CIT-D.R

PER : SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER:-

This assessee’s appeal for A.Y. 2011-12, arises from order of Principal Commissioner of Income Tax PCIT, Rajkot-1 dated 29-02-2016, in proceedings under section 263 of the Income Tax Act, 1961; in short “the Act”.

I.T.A No. 157/Rjt/2016 A.Y. 2011-12 Page No 2

2.

The assessee has raised the following grounds of appeal:

“1. The grounds of appeal mentioned hereunder are without prejudice to one another:

2.

The order u/s 263 of the Income-tax Act, 1961 passed by the learned Pr. Commissioner of Income Tax-I, Rajkot (hereinafter referred to as the "CIT") is without juri iction and bad in law as also on facts

The order continues below.

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