Mirra Multispeciality Hospital, Hyderabad v. Asst. Commissioner of Income Tax, Circle-8(1), Hyderabad

ITA 928/Hyd/2018 | 2014-2015
Pronouncement Date: 24-03-2021 | Result: Allowed

Appeal Details

RSA Number 92822514 RSA 2018
Assessee PAN AAJFM1979M
Bench Hyderabad
Appeal Number ITA 928/Hyd/2018
Duration Of Justice 2 year(s) 10 month(s) 13 day(s)
Appellant Mirra Multispeciality Hospital, Hyderabad
Respondent Asst. Commissioner of Income Tax, Circle-8(1), Hyderabad
Appeal Type Income Tax Appeal
Pronouncement Date 24-03-2021
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted DB-B
Tribunal Order Date 24-03-2021
Last Hearing Date 15-03-2021
First Hearing Date 15-03-2021
Assessment Year 2014-2015
Appeal Filed On 11-05-2018
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B : HYDERABAD (THROUGH VIRTUAL CONFERENCE) BEFORE SHRI SATBEER SINGH GODARA JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU ACCOUNTANT MEMBER IT A NO. 928 /H/20 1 8 ASSESSMENT YEAR: 2 0 1 4 - 1 5 MIRRA MULTISPECIALITY HOSPITAL HYDERABAD. PAN A A JFM 1979 M VS. ASST. COMMISSIONER OF INCOME - TAX CIRCLE 8 ( 1 ) HYDERABAD. (APPELLANT) (RESPONDENT) ASSESSEE BY: SHRI AV RAGHURAM AND SHRI KC DEVDAS REVENUE BY: SHRI ROHIT MUZUMDAR DATE OF HEARING: 1 5 /0 3 /2021 DATE OF PRONOUNCEMENT: 24 /0 3 /2021 O R D E R PER BENCH: THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST CIT(A) 8 HYDERABADS ORDER DATED 14/02/2018 FOR AY 20 1 4 - 1 5 . 2 . BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE RUNNING A HOSPITAL FILED ITS RETURN OF INCOME ON 25/09/2014 I TA NO. 928 /HYD /201 8 MIRRA MULTISPECIALITY HOSPITAL HYD. : - 2 - : DECLARING TOTAL INCOME OF RS. 87 11 020/ - AND THE AO COMPLETED THE ASSESSMENT BY MAKING VARIOUS ADDITION S AND ASSESSED THE INCOME AT RS. 92 85 790/ - WHICH WAS CONFIRMED BY THE CIT(A) WHEN THE ASSESSEE CARRIED THE MATTER IN APPEAL BEFORE HIM. 3. THE SOLE GRIEVANCE OF THE ASSESSEE IN THIS APPEAL IS THAT THE AO CONSIDERED THE ADMITTED INCOME AT RS. 87 11 020/ - AS AGAINST RS. 50 51 925/ - WITHOUT CONSIDERING THE CARRY FORWARD LOSS ON SALE OF SHARES OF RS. 36 59 091/ - FOR AY 2013 - 14 TO BE ADJUSTED AGAI NST THE YEAR UNDER CONSIDERATION. 3.1 SINCE THE ASSESSEE HAS NOT CLAIMED THE SAID CARRY FORWARD LOSS ALONG WITH THE E - FILED RETURN OF INCOME THE AO DISALLOWED THE SAME. HOWEVER DURING THE COURSE OF ASSESSMENT PROCEEDINGS THE ASSESSEE FURNISHED THE COMP UTATION OF INCOME WHEREIN AGAINST THE SHORTTERM CAPITAL GAIN OF RS. 49 69 720/ - BROUGHT FORWARD LONGTERM CAPITAL LOSS FOR AY 2013 - 14 OF RS. 36 59 091/ - WAS CLAIMED AND GROSS TOTAL INCOME OF RS. 50 59 925/ - ADMITTED BUT THE I TA NO. 928 /HYD /201 8 MIRRA MULTISPECIALITY HOSPITAL HYD. : - 3 - : AO FAILED TO NOTICE THE SAME AN D DID NOT ALLOW THE CLAIM OF THE ASSESSEE. 3.2 AFTER CONSIDERING THE ARGUMENTS OF BOTH THE SIDES AND P ERUSING THE MATERIAL ON RECORD AS WELL AS GOING THROUGH THE ORDERS OF THE AUTHORITIES BELOW WE FIND THAT THE ASESSEES CLAIM OF CARRY FORWARD LOSSES WAS NOT ALLOWED BY THE LOWER AUTHORITIES ON THE GROUND THAT THE SAME WAS NOT CLAIMED WHEN THE RETURN FILED. ON CONSIDERING THE TOTALITY OF THE FACTS AND CIRCUMSTANCES OF THE CASE WE ARE OF THE VIEW THAT TO MEET THE ENDS OF JUSTICE WE SET ASIDE THE ORDER OF THE CIT(A) AND RESTORE THE CASE BACK TO THE AO WITH A DIRECTION TO DECIDE THE SAME DE - NOVO AFTER TAKING INTO CONSIDERATION THE COMPUTATION OF INCOME FILED DURING THE COURSE OF ASSESSMENT PROCEEDINGS WHEREIN THE ASSESSEE CLAIMED THE CARRY FORWARD LOSSES A ND IN ACCORDANCE WITH LAW AFTER PROVIDING REASONABLE OPPORTUNITY OF HEARING TO THE ASSESSEE IN THE MATTER. THE ASSESSEE IS DIRECTED NOT TO TAKE UNNECESSARY ADJOURNMENTS FOR EARLY DISPOSAL OF THE ASSESSEE. WE ORDER ACCORDINGLY. I TA NO. 928 /HYD /201 8 MIRRA MULTISPECIALITY HOSPITAL HYD. : - 4 - : 4 . IN THE RESULT APPEAL OF THE ASSESSEE IS TREATED AS ALLOWED FOR STATISTICAL PURPOSES. PRONOUNCED IN THE OPEN COURT ON 24 TH MARCH 2021 . SD/ - SD/ - ( S.S. GODARA ) (LAXMI PRASAD SAHU) JUDICIAL MEMBER ACCOUNTANT MEMBER HYDE RABAD DATED : 24 TH MARCH 20 2 1 . K V C OPY TO : 1 M/S MIRRA MULTISPECIALITY HOSPITAL C/O K. NARENDER CA 2 ND FLOOR 5 - 2 - 134 RP ROAD SECUNDERABAD 500 003. 2 A CIT CIRCLE 8 ( 1 ) 7 TH HYDERABAD. 3 C I T(A) 8 HYDERABAD. 4 PR. CIT - 2 HYDERABAD 5 ITAT DR HYDERABAD. 6 GUARD FILE.