Income Tax Appellate Tribunal - Hyderabad
M.A.Sami Khan , Hyderabad vs Income Tax Officer, Ward-14(1), ... on 7 May, 2021
IN THE INCOME TAX APPELLATE TRIBUNAL
HYDERABAD BENCHES : BENCH "B" HYDERABAD
(Through Video Conference)
BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER
AND
SHRI L.P. SAHU, ACCOUNTANT MEMBER
I.T.A. No. 5/Hyd./2019
Assessment Year : 2014-15
Chinta Padmaja. vs. ITO (International Taxation)-1
Hyderabad Hyderabad
[PAN: AGTPC 5555B]
I.T.A. No. 253/Hyd./2019
Assessment Year : 2013-14
Sri M.A. Sami Khan vs. ITO, Ward 14(1)
Hyderabad Hyderabad
[PAN: BGTPK3094C]
(Appellant) (Respondent)
For Assessee: None (for ITA 5/Hyd/19)
Preetam Yadav for Shri PC Yadav, Adv (in ITA 253/Hyd/19)
For Revenue: Shri Rohit Muzumdar, CIT D.R.
Date of Hearing : 15/02/2021
Date of Pronouncement : 07/05/2021
ORDER
PER S.S. GODARA, J.M.
These two assessees' appeals for AY 2013-14 and 2014-15 arise from CIT(A)-6 and CIT(A)-10 Hyderabad's orders dated 15.10.2015 and 11.09.2018 in case nos. 0183/2016-17 and 10250/2017-18 involving proceedings u/s 143(3) and 143(3) rws 147 of the Act; respectively.
2. It transpires during the course of hearing that both former assessee's sole substantive grievance in ITA 5/Hyd/2019 and latter assessee's fourth substantive grievance in appeal ITA 253/Hyd/19 challenges correctness of both the lower authorities' action disallowing u/s 54F deduction claim of Rs.92,25,256/- and Rs.61,21,200/-; respectively for the identical precise reason that they had not reinvested the corresponding capital gains within the period prescribed u/s 139 (1) but before filing of return u/s 139(4) of the Act only.
3. Mr.Mujumdar fails to dispute that in latter appeal that the Assessing Officer's detailed discussion in para 3.2 has considered all the payment instances from 15.01.2013 to 21.9.2013 to conclude that only the former eight of them involving a sum of Rs.99,86,000/- deserve to be accepted. The factual position is no different in former assessee's case as well. We notice in this factual back drop that she was depending upon M/s Keerthi Estates Pvt.Ltd. only for completion of the house i.e. non completion thereof was on account of circumstances beyond her control. Case law (2015) 379 ITR 534 (Kerala) Xavier J Pullichal vs DCIT & Sunayana Devi vs. ITO, 86 taxmann.com held that the impugned relief of sec.54F deduction ought not to be denied since a relief u/s 139(4) is also to be read with that u/s 139(1) of the Act only. We thus direct the corresponding assessing authorities to treat both these assessees as eligible for sec.54F deduction(s) in above terms. Former assesse's appeal ITA 5/Hyd/19 raising this sole substantive grievance is accepted therefore.
4. We stay back to latter assessee's appeal ITA 253/H/19 qua other remaining issues. His first substantive grievance seeks to reverse both the learned lower authorities' action invoking sec.50C of the Act on account of the sale price of Rs.1,68,30,000 /- as against actual consideration of Rs.1,56,00,000/-resulting in the impugned capital gain addition of Rs. 12,30,000/-. Ld.DR fails to dispute that although the Finance Act, 2020 has inserted 3rd Proviso such enhanced tolerance margin from 5% existing earlier to 10% wef 1.4.2021, this tribunal's coordinate bench's decision in ITA 4850/Mum/19 Maria C vs. ITO dated 14.1.2021 holds the same to be a curative one having retrospective effect. We thus follow the very reasoning mutatis mutandis to delete the impugned addition keeping in mind the difference between the two considerations to be less than 10%. The Assessee's former three substantive grounds in ITA 253/H/2019 are allowed therefore. No other ground has been pressed before us.
These two assesseees' appeals are allowed in above terms. A copy of this common order be placed in their respective case files.
Pronounced in Open Court on 07th May, 2021.
Sd/- Sd/-
(L.P. SAHU) (S.S. GODARA)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Dated: the 07th May, 2021.
* gmv
Copy of the Order forwarded to:
1. (i) Ms. Chinta Padmaja, H.No.2-2-647/274, A Plot no.24, Srinivasa Nagar Colony, Bagh amberpet, Hyderabad 500 013 (ii) Sri M.A. Sami Khan, 8-2- 293/82A/1125, Plot no.1125, Road no.36, Jubilee Hills, Hyderabad.
2.(i) ITO, International Taxation-1, Hyderabad (ii) ITO, Ward 14(1), Hyderabad.
3. CIT(A)-10, Hyd. (ii) CIT(IT&TP),Hyd. (iii) CCIT (IT)(SZ), Bengaluru
4. ITO, Ward 14(1), Hyderabad. (ii) ACIT, Range 14, Hyderabad
5. CIT-6, Hyderabad.
6. Pr.CIT-6, Hyderabad
7.DR, ITAT, Hyderabad.
8. Guard File.