NAVINCHANDRA K. PATEL,SURAT vs. PRINCIPLE COMMISSIONER OF INCOME TAX -1 , SURAT, SURAT
In the result, appeal filed by the assessee is allowed
ITA 57/SRT/2021[2015-16]Status: DisposedITAT Surat10 Feb 2023AY 2015-16
Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.57/Srt/2021 Assessment Year: (2015-16) (Physical Court Hearing) Navinchandra K. Patel, Vs. The Pcit-1, Surat. 5, Kaaliytawadi Faliya, At Post Saniya Hemad, Surat-395006. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Birpp6292D (Appellant) (Respondent) Assessee By Shri Sapnesh Sheth, Ca Respondent By Shri Ritesh Mishra, Cit(Dr) Date Of Hearing 02/02/2023 10/02/2023 Date Of Pronouncement आदेश / O R D E R Per Dr. A. L. Saini, Am: Captioned Appeal Filed By Assessee, Pertaining To Assessment Year (Ay) 2015-16, Is Directed Against The Order Passed By The Learned Principal Commissioner Of Income Tax, Surat (In Short “Ld. Pcit”], Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”), Dated 31.03.2021. 2. The Grounds Of Appeal Raised By The Assessee Are As Follows: “1. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Learned Pr. Commissioner Of Income-Tax Has Erred In Passing Revisionary Order U/S 263 Of The I.T. Act Setting Aside The Order Of Ld. Assessing Officer Passed U/S 143(3) Of The Act Dated 24.11.2017 For The Year Under Consideration Although Said Order Is Neither Erroneous Nor Prejudicial To The Interest Of Revenue. 2. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Learned Pr. Commissioner Of Income-Tax Has Erred In Observing That Order Passed By Assessing Officer U/S 143(3) Of The Act Is Erroneous On The Ground That Indexed Cost Of Acquisition Of Property Is Under Assessed By Rs.2,12,58,035/-. 3. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Learned Pr. Commissioner Of Income-Tax Has Erred In Observing That Order
Section 143(3)Section 263Section 54BSection 54F
139
of the I.T. Act. The ld PCIT observed that as per the section 54F(4) of the Act, the amount of capital gain
