Income Tax Appellate Tribunal - Kolkata
Sri Chandra Mohan Gupta, Kolkata vs I.T.O Wd - 30(2),Kolkata., Kolkata on 18 December, 2019
IN THE INCOME TAX APPELLATE TRIBUNAL "B", BENCH KOLKATA BEFORE SHRI S.S.GODARA, JM & DR. A.L.SAINI, AM M.A. No.211/Kol/2019 (Arising out of आयकरअपीलसं./ITA No.1282/Kol/2013) ( नधारणवष / Assessment Year: 2009-10) Shri Chandra Mohan Gupta Vs. ITO, Ward-30(2), Kolkata 3, Anil Roy Road, Kolkata थायीले खासं . /जीआइआरसं . /PAN/GIR No.: AECPG 0836 Q (Appellant) .. (Respondent) Appellant by : Shri Akkal Dudhwewala, FCA Respondent by : Shri Jayanta Khanra, JCIT Sr. DR सुनवाईक तार ख/ Date of Hearing : 06/12/2019 घोषणाक तार ख/Date of Pronouncement : 18/12/2019 आदे श / O R D E R Per Dr. A. L. Saini:
By way of the captioned application, the assessee has sought to point out that a mistake apparent from record within the meaning of Section 254(2) of the Income Tax Act (in short the "Act") has crept in the order of the Tribunal dated 23.10.2019.
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2. The case of the assessee in this miscellaneous application is that the assessee had filed an appeal against the order passed by the CIT(A)-XIV, Kolkata dated 14th March, 2013 for the A.Y. 2009-10 which was disposed by "B" Bench of the Tribunal on 23.10.2019 in ITA No. 1282/Kol/2013. In the income tax assessment u/s 143(3), the Assessing Officer had assessed Rs. 75,00,000/- as assessee's income under the head 'Other Sources'. On appeal, the ld. CIT(A) had upheld the order of the Assessing Officer.
3. In the grounds of appeal taken before the Tribunal, the assessee objected to the ld. CIT(A)'s action of upholding the Assessing Officer's order assessing the said sum under the head 'Other Sources'. In the grounds of appeal the assessee had claimed that the sum of Rs. 75,00,000/- was received by the assessee for transfer of his goodwill and therefore the said amount could not be assessed under the residuary head of income. The assessee had also raised a ground no. 4 in which it was claimed that since the sum received was invested in capital gain deposit scheme Account, exemption permissible in law u/s 54 of the Act should also be allowed to the assessee.
In the course of hearing of appeal, the A/R of the assessee had filed documents evidencing investments made in making deposit with Canara Bank under CGDS Scheme and with reference to these documents the A/R of the assessee orally as well as in the written note filed claimed that if the receipt is not held to be capital receipt but liable to assessment under the head 'Long Term Capital Gain', then exemption u/s 54F should be allowed.
The Bench in its order has allowed ground nos. 1 to 3 of the appeal by holding that the sum of Rs. 75 lacs received by the assessee was towards transfer of goodwill and therefore chargeable to tax under the head 'Capital Gain' but inadvertently the Bench has not adjudicated ground no. 4 which relates to exemption u/s 54F of the Act.
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4. We have heard both the parties and perused the material available on record. We note that in Tribunal's order dated 23.10.2019 the Ground no. 4 has not been expressly adjudicated therefore, it is an apparent mistake crept in the order of the Tribunal. Now we rectify this mistake. So far the assessee's claim for exemption u/s 54F is concerned, which also should have been allowed by the Tribunal since the conditions prescribed in that section were fulfilled by the assessee, therefore, the assessee is entitled to claim exemption u/s 54F of the Act. Therefore, we direct the Assessing Officer to allow exemption u/s 54F of the Act.
5. In the result, the Miscellaneous Application of the assessee is allowed.
Order is pronounced in the open court on 18.12.2019.
Sd/- Sd/-
(S.S.GODARA) (A.L.SAINI)
या यकसद य / JUDICIAL MEMBER लेखासद य / ACCOUNTANT MEMBER
दनांक/ Date: 18/12/2019
(SB, Sr.PS)
Copy of the order forwarded to:
1. Shri Chandra Mohan Gupta
2. ITO, Ward-30(2), Kolkata
3. C.I.T(A)- 4. C.I.T.- Kolkata.
5. CIT(DR), Kolkata Benches, Kolkata.
6. Guard File.
True copy
By Order
Assistant Registrar
ITAT, Kolkata Benches
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Shri Chandra Mohan Gupta
MA No. 211/Kol/2019
(Arising out of I.T.A. No. 1282/Kol/2013) A .Y: 2 0 0 9 - 1 0 Pa g e | 4