CIT v. B.C. Srinivasa Setty

Sharfuddin Yunus Kazi, Raigad vs. Income-Tax Officer, Ward 1, Raigad

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.605/Pun/2020 िनधा"रण वष" / Assessment Year :2009-10 Sharfuddin Yunus Kazi, The Income Tax Officer, House No.25, At Vadghar, V Ward-1, Raigad. Panvel, Raigad – 410208. S Pan: Asipk 7994 Assessee/ Appellant Respondent /Revenue Assessee By Shri Pramod Shingte – Ar Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 17/04/2023 Date Of Pronouncement 28/06/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Directed Against The Order Of Ld.Commissioner Of Income Tax (Appeal)-2 [Ld.Cit(A)], Thane Dated 07.09.2020 For A.Y.2009-10 Emanating From Assessment Order Under Section 143(3) Of The Act Dated 28.03.2018. The Assessee Has Raised The Following Grounds Of Appeal: “1. On The Facts & Circumstances Of The Case & In Law Lower Authorities Erred In Treating The Transaction Of Sale Of Land At Village Pangaon, Tal: Panvel, Dist. Raigad, As Completed Sharfuddin Yunus Kazi [A]

…lso submitted that it is the “Watan Land”, therefore, there is no cost of acquisition and hence, even if there is transfer of land, there cannot be any kind of Capital Gain as held by the Hon’ble Supreme Court in the case of CIT v. B.C. Srinivasa Setty [1981] 128 ITR 294. The ld.AR also submitted that all these details were submitted before the AO and ld.CIT(A) but they failed to consider these documents. The ld.AR vehemently stated that there is no transfer of land and hence there cannot be any kind of capital gain. The ld.AR relied 4 Sharfuddin Yunus Kazi [A] on the decision of ITAT Mumbai in the case of Gene…