K. Narayana Das Rep by L/H K. Poornima v. The DCIT, Non-Corporate Circle-10(1), Chennai
[Citation -2019-LL-0913-16]

Citation 2019-LL-0913-16
Appellant Name K. Narayana Das Rep by L/H K. Poornima
Respondent Name The DCIT, Non-Corporate Circle-10(1), Chennai
Court ITAT-Chennai
Relevant Act Income-tax
Date of Order 13/09/2019
Assessment Year 2012-13
Judgment View Judgment
Keyword Tags sale consideration • fair market value • commission paid • legal expenses • stay petition • sale of immovable property • capital gain • disallowance of deduction • guideline value • indexed cost of acquisition • stay of demand • outstanding demand
Bot Summary: The taxable capital gains after claiming exemption U/s.54EC and 54F has been arrived at Rs.29,18,52,389/- by the assessee in the return filed for the assessment year 2012-13. While making the assessment for the assessment year 2012-13, the AO had disallowed the claim of deduction of expenses except the commission paid, which resulted in the enhancement of assessable capital gains. Aggrieved against that order, the assessee filed an appeal before the CIT(A)-12, Chennai and on dismissal, the assessee is on appeal before this Hon ble Tribunal. Since, the financial position is extremely bad due to the death of the assessee and the AO is pressing for payment of the disputed arrears and since, on the capital gains issue on the co-owners assessments, this Tribunal has remitted the issue back to the AO, etc. It is pleaded that the balance of convenience is in favour of the assessee and hence an absolute stay may kindly be granted till the disposal of appeal, which is posted for hearing on 21.10.2019. Considering the plea raised by the legal heir of the assessee, we find that the balance of convenience is in favour of her and hence we grant stay of 90 days and accordingly grant the stay of balance demand. In the result, the assessee s stay petition is allowed.


IN INCOME TAX APPELLATE TRIBUNAL, C BENCH, CHENNAI BEFORE SHRI DUVVURU RL REDDY, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER S.P. No. 269/Chny/2019 [In ITA No. 1015/Chny/2018] Assessment Year 2012-13 Late Shri K. Narayana Das DCIT, Rep by L/H K. Poornima, v. Non-Corporate Circle 10(1), 42, Ganadeeswarar Koil Street, Chennai. Purasaiwalkam, Chennai 600 084. PAN: AABPN9410C (Petitioner) (Respondent) Petitioner by Shri S. Sridhar, Advocate Respondent by Shri Sundarayan, JCIT Date of Hearing 13.09.2019 Date of Pronouncement 13.09.2019 ORDER PER S. JAYARAMAN, ACCOUNTANT MEMBER Smt. K. Poornima, wife of Late Shri K. Narayana Das, filed this stay petition. It is pleaded that her husband, Late Shri K. Naryana Das along with 14 others had sold immovable property described as Hotel Dasaprakash, located at Poonamallee High Road, Chennai 600 008 for total consideration of Rs.165 crores, his share of sale consideration is 2 SP No. 269/Chny/2019 30%. taxable capital gains after claiming exemption U/s.54EC and 54F has been arrived at Rs.29,18,52,389/- by assessee in return filed for assessment year 2012-13. While making assessment for assessment year 2012-13, AO had disallowed claim of deduction of expenses except commission paid, which resulted in enhancement of assessable capital gains. Further, AO had taken guideline value of land as on 01.04.1981, to be Fair Market Value as on that date and consequently computed / restricted indexed cost of acquisition. AO has also disallowed claim of legal expenses and rejected claim of deduction U/s.54F etc., Aggrieved against that order, assessee filed appeal before CIT(A)-12, Chennai and on dismissal, assessee is on appeal before this Hon ble Tribunal. 2. Since, financial position is extremely bad due to death of assessee and AO is pressing for payment of disputed arrears and since, on capital gains issue on co-owners assessments, this Tribunal has remitted issue back to AO, etc., it is pleaded that balance of convenience is in favour of assessee and hence absolute stay may kindly be granted till disposal of appeal, which is posted for hearing on 21.10.2019. Per contra, ld.DR submitted that 3 SP No. 269/Chny/2019 assessee may be directed to pay suitable instalment of payment of taxes. 4. We heard rival submissions. Considering plea raised by legal heir of assessee, we find that balance of convenience is in favour of her and hence we grant stay of 90 days and accordingly grant stay of balance demand. 5. In result, assessee s stay petition is allowed. Order pronounced in Open Court on 13th September, 2019 at Chennai. Sd/- Sd/- (Duvvuru R.L Reddy) (S. Jayaraman) Judicial Member Accountant Member Chennai, Dated 13th September, 2019. RSR Copy to 1. Petitioner 2. Respondent 3. CIT(A) 4. CIT 5. DR 6 . GF. K. Narayana Das Rep by L/H K. Poornima v. DCIT, Non-Corporate Circle-10(1), Chennai
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