Itxa/1109/2018 Of Devdatta Chandrakant Patil v. Income Tax Officer And 2 Ors

Digitally signedby PURTIPURTIPRASADPRASADPARABDate: IN THE HIGH COURT OF JUDICATURE AT BOMBAYPARAB2024.02.1312:11:17+0530ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1109 OF 2018 Devdatta Chandrakant Patil….Appellant V/s.Income Tax Officer and Ors.…Respondents ---- Mr. Jatindra C. Patil for Appellant.Ms. Samiksha Kanani a/w Prasanna Pawar for Respondent ---- CORAM : K.R. SHRIRAM & DR. NEELA GOKHALE, JJ. DATED : 7[th] FEBRUARY 2024 P.C. : 1.Appellant is impugning an order pronounced on 17[th] May 2017passed by the Income Tax Appellate Tribunal (ITAT) in an appeal that wasfiled by appellant. Appellant was aggrieved by an order passed by theCommissioner of Income Tax (Appeals) – 2, Thane [CIT(A)] on 31[st] May2016 by which the CIT(A) observed that the Assessing Officer (A.O.) hadincorrectly observed that the provisions of Section 50C of the Income TaxAct, 1961 (the Act) would be applicable. The CIT(A) had directed the A.O.to recompute the capital gain by taking the actual sale considerationreceived by assessee and not on the basis of value determined by the StampValuation Authority. The CIT(A) also directed the A.O. to allow all theexpenditures which has been incurred by assessee for selling the plot whilecomputing capital gains in the hands of assessee. Even though it was onlyan order of remand to recompute the capital gains, it is assessee’s case that no capital gain in fact is payable. Therefore, assessee had filed an appealand the ITAT dismissed the appeal. 2.Since the matter has been remanded to the A.O., we woulddirect the A.O. to hear assessee, consider the submissions made by assesseeincluding the statement that no capital gain is payable and not just simplywork out the capital gains. The A.O. may pass such order as he deems fitin accordance with law but shall also deal with the submissions of assessee on merits as to why capital gain was not payable. 3.Appeal accordingly disposed. (DR. NEELA GOKHALE, J.) (K.R. SHRIRAM, J.)