Rajee Patwa Mumbai v. Ito 25 3 3 Mumbai

ITA 1735/MUM/2017 | 2012-2013
Pronouncement Date: 11-12-2017 | Result: Allowed

Appeal Details

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RSA Number 173519914 RSA 2017
Assessee PAN xxxxxxxxxxx
Bench xxxxxxxxxxx
Appeal Number xxxxxxxxxxx
Duration Of Justice 9 month(s) 1 day(s)
Appellant xxxxxxxxxxx
Respondent xxxxxxxxxxx
Appeal Type Income Tax Appeal
Pronouncement Date 11-12-2017
Appeal Filed By Assessee
Tags No record found
Order Result Allowed
Bench Allotted SMC
Tribunal Order Date 11-12-2017
Last Hearing Date 22-09-2017
First Hearing Date 22-09-2017
Assessment Year 2012-2013
Appeal Filed On 10-03-2017
Judgment Text
In The Income Tax Appellate Tribunal Mumbai Bench Smc Mumbai Before Shri D T Garasia Judicial Member Ita No 1735 M 2017 Assessment Year 2012 13 Shri Rajee Patwa B 1102 Parimal Appts Opp Roopdar D Bldg Gulmohur Road Near Juhu Lane Andheri West Mumbai 400 056 Pan Abupl 4599 G Vs Income Tax Officer 25 3 3 Mumbai Appellant Respondent Present For Assessee By Shri Govind Javeri A R Revenue By Shri Saurabh K Rai D R Date Of Hearing 22 09 2017 Date Of Pronouncement 11 12 2017 O R D E R Per D T Garasia Judicial Member The Present Appeal Has Been Preferred By The Assess Ee Against The Order Dated 16 01 2017 Of The Commissioner Of I Ncome Tax Appeals Hereinafter Referred To As The Cit A R Elevant To Assessment Year 2012 13 2 During The Course Of Hearing The Ld A R Has F Iled The Admission Of Additional Evidence Under Rule 29 Of T He Appellate Tribunal Rules 1963 3 The Short Facts Of The Case Are As Under The Assessee Had Purchased The Flat No 901 In The Building Known As Woodbine Situate At Balkum Thane From M S National Ita No 1735 M 2017 Shri Rajee Patwa 2 Dyes The Developers In The Month Of December 2005 The Developers Issued Allotment Letter Dated 04 12 2005 And Also Issued Letter Dated 07 12 2005 Welcoming The Assessee For Becoming Part Of Their Project Of Everest World The Formal Agreemen T For Purchase Of The Said Flat Was Entered Between The Assessee A Nd The Developers On 05 12 2009 The Said Flat Purchased By The Asse Ssee Was Sold On 11 07 2011 For Consideration Of Rs 37 00 000 Si Nce The Assessee Was Allotted Flat Number 901 Vide Allotment Letter Dated 04 12 2005 The Assessee Computed A Period Of Holding From That Date And Treated It As Long Term Capital Asset The Income Arising Therefrom On Its Sale Made On 11 07 2011 Was Offered To Tax As Long Term Capital Gain In The Return Of Income Filed By The Assessee On 23 04 2015 The Assessee Had Claimed Exemption Under Section 54 Of The Act From The Long Term Gain Earned By Her While Completing Asse Ssment The Assessing Officer Called For Details Pertaining To The Transaction Of Capital Gain And The Same Were Furnished By The Rep Resentative Of The Assessee Including The Letter Dated 07 12 2005 Issu Ed By The Developers It Is The Case Of The Assessing Office R That Since The Letter Dated 07 12 2005 Did Not Contain The Relevant Parti Culars Such As Flat Number Building Name Etc It Cannot Be Said That The Assessee Had Acquired Any Right In The Impugned Flat The Assess Ing Officer Has Further Held That The Assessee Can Be Said To Have Acquired The Flat On 05 12 2009 I E The Date On Which Agreement For Sal E Was Executed Between The Developers And Assessee Accordingly H E Treated The Ita No 1735 M 2017 Shri Rajee Patwa 3 Said Flat As Short Term Capital Asset And Computed The Gain Arising Therefrom As Short Term Capital Gain Consequential Ly The Benefit Of Indexation And Exemption Available U S 54 Of The A Ct Were Not Granted To The Assessee The Assessee Has Filed Th E Following Document In Paper Book Before Us The Ld A R Sub Mitted That This Crucial Document Which Establishes That Assessee Wa S Allotted A Flat In December 2005 With Flat No 901 In Everest World Project The Ld A R Submitted That This Document Was Given To Ld A R But He Had Not Given This Document Before The Ao And Th E Ld Cit A Moreover Bank Statement Reflecting Payment Of Mone Y To Developers Towards Purchase Of The Flat Was Not Fil Ed Before The Lower Authorities Therefore All These Documents Show That All These Documents Are Vital For Deciding The Appeal Theref Ore This Additional Evidence May Be Admitted 4 The Ld D R Objected To It 5 We Have Heard The Rival Contentions Of Both The P Arties We Find That Assessee Has Submitted The Additional Evi Dence Before Us The Assessee Has Submitted The Confirmation And He Submitted The 5 Additional Evidences Before Us We Find That Assess Ee Has Produced Following Documents Before Us Sr No Particulars Date Page No Filed Before A O Cit A 1 Allotment Letter Issued By National 04 12 2005 1 2 No Yes Ita No 1735 M 2017 Shri Rajee Patwa 4 Dyes For Booking Of Flat No 901 In Building Woodbine In Project Everest World 2 Welcome Letter Issued To The Appellant For Becoming Member Of Everest World 07 12 2005 3 Yes No 3 Bank Statement Showing Initial Payment Made To National Dyes On 12 06 2005 Towards Booking Of Aforesaid Flat 4 No No 4 Statement Showing Payments Made By The Appellant Towards The Booking Of Aforesaid Flat 5 Yes No 5 Agreement For Sale Between National Dyes And The Appellant Of The Aforesaid Flat Relevant Pages Only 05 12 2009 6 25 Yes No 6 We Find That At Sl No 2 It Has Been Mentioned Th At Welcome Letter Was Produced Before The Ao But It Was Not Pr Oduced Before The Ld Cit A The Bank Statement Showing Initial Pay Ment To National Dyes On 12 06 05 Towards Booking The Said Flat This Evidence Was Not Filed Before Lower Authorities The Statement Show Ing The Payment Ita No 1735 M 2017 Shri Rajee Patwa 5 Was Furnished Before The Ao But It Was Not Furnishe D Before The Ld Cit A Similarly Agreement To Sale Was Also Produ Ced Before The Ao But Assessee Could Not Produce It Before The Ld Cit A We Find That All These Evidences Go To The Route Of Th E Case Therefore I Am Of The View That These Documents Require Verific Ation At The End Of The Ao Therefore We Admit The Same And Restore T His Matter Back To The File Of Ao And Ao Is Directed To Dispose The Matter As Per Law 7 In The Result Appeal Is Allowed For Statistical Purposes Order Pronounced In The Open Court On 11 12 2017 Sd D T Garasia Judicial Memb Er Mumbai Dated 11 12 2017 Kishore Sr P S Copy To The Appellant The Respondent The Cit Concerned Mumbai The Cit A Concerned Mumbai The Dr Concerned Bench True Copy By Ord Er Dy Asstt Registrar Itat Mumbai