Ahsan Usman Raeen vs. ITO

Parties Involved

Facts Summary

The Revenue instituted an appeal before the ITAT aggrieved by the appellate order of the learned Commissioner of Income Tax (Appeals) with the following grounds of appeal: 1. Whether the Ld. CIT(A) was justified in deleting the addition of capital gain of Rs. 1,50,00,000/- made by the AO, holding that the transfer was made by the partnership firm, ignoring the fact that the sale deed was entered into by the assessee and had no mention of the name of the partnership firm. 2. Whether the Ld. CIT(A) was justified in deleting the addition of capital gain of Rs. 1,50,00,000/- made by the AO, holding that the asset was transferred to the partnership firm by the assessee, ignoring the fact that no conveyance deed was entered in this regard and that the sale was effected in the name of the assessee and the amount was also received in the account of the assessee. 3. Whether the Ld. CIT(A) was justified in deleting the addition of Rs. 1,95,51,000/- made by the AO on the transfer of property, holding that the plot was handed over to the Municipal corporation in lieu of additional FSI and hence no profit was involved, ignoring the provision of section 2(47) of the Act that exchange is also considered as transfer of property and hence it attracts section 45 of the Act.…

Legal Issues

• 1. Whether the Ld. CIT(A) was justified in deleting the addition of capital gain of Rs. 1,50,00,000/- made by the AO.
• 2. Whether the Ld. CIT(A) was justified in deleting the addition of capital gain of Rs. 1,50,00,000/- made by the AO.
• 3. Whether the Ld. CIT(A) was justified in deleting the addition of Rs. 1,95,51,000/- made by the AO on the transfer of property.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

Similar Judgements

• ITA No. 6414/DEL/2017

  Delhi Bench 'F', Delhi benchAY 2008-09Allowed

• Gaurav Dye House Vs. ITO

  Delhi 'E' Bench benchAY 2022-23Allowed

• Ram Niranjan Banka Vs. ACIT, Circle-40

  D Bench, Kolkata benchAY 2014-15Allowed

• Elite Packaging vs Income Tax Officer Ward 17(3)(1)

  Mumbai Bench benchAY 2020-21Allowed

• Income Tax Officer, Ward-1, Panipat. Vs. Santosh Ahlawat

  Delhi Bench benchAY 2016-17Partly Allowed

• JCIT (OSD) in charge of DCIT, Circle-1(3)(1), Mumbai Vs. Geopreneur Realty Private Limited

  Mumbai benchAY 2018-19Dismissed