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10-07-2019, Bhupendra Vishwakarma, Section 50C, 147, 153A, Tribunal Indore

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1 week 1 day ago #10028 by amit
Section - 50C, 147, 153A, 263
Order Date - 10-07-2019
Favouring - Revenue
Court - Tribunal Indore
Appellant - Bhupendra Vishwakarma
Respondent - PCIT
Justice - KUL BHARAT JM & MANISH BORAD AM
Citation - 719Taxpundit122
Appeal No. - IT(SS)A Nos.45 & 46/Ind/2018
Asstt. Year - 2013-14 & 2010-11

Order

PER : KUL BHARAT, J.M

These two appeals by the assessee are directed against two different orders of the Principal Commissioner of Income Tax (Central) both dated 16.3.2018 pertaining to the assessment years 2010-11 & 2013-14. Both the appeals were taken up together and are being disposed of by way of consolidated order for the sake of convenience. First we take up assessee’s appeal in IT (SS)A No.46/Ind/2018 pertaining to the assessment year 2010-11. The assessee has raised following grounds of appeal:

1. That on the facts and in the ircumstances of the case of the assessee, the Ld. Principal Commissioner of Income Tax was not justified in initiating proceedings u/s 263 as the same was barred by limitation.

2. That on the facts and in the circumstances of the case of the assessee, the Ld. Principal Commissioner of Income Tax was not justified in holding that the order passed is erroneous and prejudicial to the interest of the revenue.

3. That on the facts and in the circumstances of the case of the assessee, the Ld. Principal Commissioner of Income Tax was not justified in holding that the claim of the assessee that the he has invested the sale proceeds in a residential house is not verifiable.

4. That the assessee craves leave to add, amend, modify or alter any ground of appeal on or before the hearing.

2. Briefly stated facts are that a search & seizure action u/s 132 of the Income Tax Act, 1961 (hereinafter called as ‘the Act’) was carried out at the premises of the assessee on 29.1.2014. Subsequently, proceedings u/s 153A of the Act was initiated and assessment u/s 153A r.w.s. 143(3) of the Act was passed on 14.3.2016, thereby assessing a total income of Rs.16,88,730/-. The Ld. Principal CIT observed that on verification of the record, it was revealed that assessee had sold plot No.18A, Gulmohar Colony, Chunna Bhatti during the financial year 2009-10 relevant to the assessment year 2010-11 for a sum of Rs.26,01,000/-. The fair market value of property on date of transfer being 29,71,000/- and long term capital gain was worked out on it at Rs.22,35,813/- It is observed that the assessee had claimed exemption u/s 54F of the Act of Rs.20,82,201/- as per the computation of income. The assessee had not furnished the sale deed of plot for ascertaining the value as per section 50C of the Act. It was further revealed that the assessee had neither purchased any residential house as per details of immovable assets furnished during the assessment within prescribed limit nor the long term capital gain was deposited in capital gain account scheme. Therefore, the assessee was not eligible for claiming exemption u/s 54F of the Act. Accordingly, long term capital gain was required to be assessed at Rs.20,82,201/- for the assessment year 2010-11, which was not done. This omission resulted in under assessment of long term capital gain to the extent of Rs.20,82,201/-. Therefore, the Ld. Pr. CIT was of the view that the assessment order so framed was erroneous and prejudicial to the interest of the revenue on the ground that the long term capital gain was not assessed and the exemption u/s 54F of the act was allowed without ascertaining the conditions laid down u/s 54 of the Act. Thereafter, a notice to the assessee was issued. In response to the notice, the assessee filed a reply which was not found to be acceptable by the Ld. Pr. CIT and he directed the A.O. to reframe the order after

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