LAKSHMI NARAYAN AGARWAL,KOLKATA vs. INCOME TAX OFFICER -WARD37(3), KOLKATA, KOLKATA
In the result, appeal of the assessee is allowed
ITA 1/KOL/2014[2004-2005]Status: DisposedITAT Kolkata19 Oct 2016AY 2004-2005
Bench: Shri K. Narasimha Chary, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.01/Kol/2014 ("नधा"रण वष" / Assessment Year :2004-2005) Lakshmi Narayan Agarwal, Vs. The Income Tax Officer, “Sparsh”4Th Floor, 35/8, Ward-37(3), Kolkata- Poddopukur Road, Kolkata- 700001 700020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Acvpa 3271 C .. (अपीलाथ" /Appellant) (""यथ" / Respondent) "नधा"रती क" ओर से /Assessee By : Shri A.K.Tibrewal, Fca राज"व क" ओर से /Revenue By : Subhro Das, Jcit सुनवाई क" तार"ख / Date Of Hearing : 07/10/2016 घोषणा क" तार"ख/Date Of Pronouncement 19/10/2016 आदेश / O R D E R Per Dr.Arjun Lal Saini, Am: The Captioned Appeal Filed By The Assessee Pertaining To The Assessment Year 2004-2005, Is Directed Against The Order Passed By Ld. Commissioner Of Income Tax (Appeals)-Xxiv, In Appeal No.1219/Cit(A)- Xxiv/Set-Aside/37(3)/12-13, Dated 19.12.2012, Which In Turn Arises Out Of An Order Passed By The Assessing Officer U/S.147/143(3) Of The Income Tax Act (In Short The ‘Act’), Dated 29.12.2010. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessee’S Income Tax Return For Assessment Year 2004-05 Was Assessed By Ao U/S.143(3) Of The Act. Subsequently, The Ao Detected That The Assessee Invested In A Property & Not Shown The Amount Of Capital Gain Of Rs.13,45,760/-. Therefore, The Ao Presumed That There Was An Excess Claim Of Rs.13,45,760/- U/S.54F Of It Act. Hence, Believing The Reason That Income Chargeable To Tax Escaped Assessment For The Year, The Ao Has Issued Notice U/S.148/147 Of The It Act. The Ao Observed That The Assessee Has Invested In A Property & Thus Claimed The Excess Amount
For Appellant: Shri A.K.Tibrewal, FCAFor Respondent: Subhro Das, JCIT
Section 143Section 143(3)Section 147Section 148Section 54F
Capital Gain should be appropriated for purchasing of residential property which was the reason for the initiating such proceeding u/ s. 148 of the Act. In the instant case, proceedings for reassessment
