Suman Kadam, Thane vs. ITO WD 2(4), Thane
In the result, the assessee’s appeal is partly allowed for statistical purposes, and the Revenue’s appeal is allowed for statistical purposes
ITA 2777/MUM/2014[2008-09]Status: DisposedITAT Mumbai08 Aug 2016AY 2008-09
Bench: Shri Sanjay Arora, Am & Shri Pawan Singh, Jm आयकर अपील सं./I.T.A. No. 2777/Mum/2014 ("नधा"रण वष" / Assessment Year: 2008-09) Suman Kadam Ito, Ward 2(4), बनाम/ Vardaan, 6Th Floor, S/1, Narmada Apartment, Cabin Cross Road, Bhayandar (E), Ashar I. T. Park, Road No. 16-Z, Vs. Thane-401 105 Wagle Indl. Estate, Thane-400 604 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Afipk 3600 D (Assessee) (Revenue) : आयकर अपील सं./I.T.A. No. 3256/Mum/2014 ("नधा"रण वष" / Assessment Year: 2008-09) बनाम/ Ito, Ward 2(2), Suman Kadam Thane-400 604 Thane-401 105 Vs. (Revenue) : (Assessee) : Shri Vijay Shah Assessee By Revenue By : Shri Debabrata Baidya सुनवाई क" तार"ख / : 12.5.2016 Date Of Hearing घोषणा क" तार"ख / : 08.8.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Arora, A. M.: These Are Cross Appeals, I.E., By The Assessee & The Revenue, Arising Out Of The Order By The Commissioner Of Income Tax (Appeals)-2, Thane (‘Cit(A)’ For Short) Dated 27.2.2014, Partly Allowing The Assessee’S Appeal Contesting Its Assessment U/S.143(3) Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) For The Assessment Year (A.Y.) 2008-09 Vide Order Dated 31.12.2010. 2
For Respondent: Shri Debabrata Baidya
Section 143(3)Section 54Section 54F
…arising in the instant appeal is the restriction of the claim for exemption u/s. 54F to Rs.39,25,249/-, i.e., as against the claimed sum of Rs.52,67,319/-. In respect of the first issue, as explained by the Hon’ble Apex Court in CIT vs. Shelly Products [2003] 261 ITR 367 (SC), the liability to tax does not depend upon assessment, but arises as soon as the Finance Act prescribes the rate/s for the relevant year, i.e., u/s.4 of the Act. As such, even where the assessment does not survive or is held as void ab-initio, the tax paid by way of self-assessment tax could not be refunded to the assessee. However, just bec…
