SHAMA AJAY PATEL,AHMEDABAD vs. THE CIT(IT & TP), AHMEDABAD
The appeal of the assessee is allowed
ITA 132/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad26 Apr 2024AY 2017-18
Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarिनधा"रण वष"/Assessment Year: 2017-18 Shama Ajay Patel, Vs. 2, Chandroday Society, The Cit(It & Tp), Opp. Golden Triangle, Sp Ahmedabad Stadium Road, Navjivan Post, Ahmedabad-380014 Pan : Alxpp 5273 E अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Sunil Talati, Ar Revenue By : Dr. Darsi Suman Ratnam, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 01.02.2024 घोषणा क" तारीख /Date Of Pronouncement: 26.04.2024 आदेश आदेश/O R D E R आदेश आदेश Per Annapurna Gupta: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Learned Commissioner Of Income-Tax (It & Tp), Ahmedabad [Hereinafter Referred To As Ld. "Cit(It & Tp)" For Short] Dated 08.02.2023, In Exercise Of His Revisionary Powers Under Section 263 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”], For The Assessment Year (Ay) 2017-18. 2. The Grounds Raised By The Assessee Challenging The Impugned Order Of The Ld. Cit (It & Tp) Reads As Under:- “1. The Ld. Cit Has Erred In Passing Order U/S 263 Without Jurisdiction & Appropriate Powers Available Under The Act. It Is Submitted That The Order Passed U/S. 263 Is Bad In Law As A.O. Has Neither Committed Any Error Nor It Is Prejudicial To The Interest Of Revenue. It Be Held Now.
For Appellant: Shri Sunil Talati, ARFor Respondent: Dr. Darsi Suman Ratnam, CIT-DR
Section 132Section 147Section 263
methods.
It is the obligation of every citizen to pay the taxes honestly without resorting to subterfuges. In view of Hon'ble Apex Court's verdict, and after examining the entire arrangement as appearing in the facts of this case, it is held that this is merely a colourable device for claiming bogus long term capital gain and exemption
