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TMI Blog2019 (2) TMI 2109X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER PER S. RIFAUR RAHMAN, AM: This appeal filed by the assessee is directed against the order of CIT(A) - 4, Hyderabad, dated, 10/05/2018 for AY 2013-14. 2. Brief facts of the case are that the Assessee company filed its return of income for the AY 2013-14 on 02/12/2013, declaring total income of Rs. 39,26,388/- and book profit u/s 115JB at Rs. 16,54,169/-. The return was processed u/s 143(3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assets and employees of the existing division to its subsidiary and accordingly the net assets value of the fixed assets transferred was Rs. 68,78,403/- for consideration of Rs. 88,78,403/- and the difference of Rs. 20 lakhs gain was offered for taxation as per the provisions of the Act. 2.2 The AO after considering the submissions of the assessee, observed that as per the provisions of section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the following ground s of appeal: " Based on the facts and circumstances of the case and in law, the learned Assessing Officer ("AO") / Learned Commissioner of Income-Tax (Appeals) erred in: 1. Alleging that the capital gains on Slump sale not do not qualify under section 50B of the Income Tax Act, 1961 since appellant failed to file the Form 3CEA along with the return of Income. 2. Not ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of Kayees Tourist Home Vs. ACIT, TS-5495-ITAT-2014 (Cochin), a copy of which is filed before us. 6. The ld. DR, on the other hand, relied on the orders of revenue authorities. 7. Considered the rival submissions and perused the material on record. We notice that assessee has applied concessional tax u/s 50B in the return of income. It is a fact that audit report was not filed at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is lawfully eligible. Therefore, we direct the AO to accept the audit report and allow the benefit u/s 50B to the assessee. Accordingly, grounds raised by the assessee on this issue are allowed. 8. Ground No. 4 regarding initiation of penalty proceedings u/s 274 rws 271 of the Act, is premature in nature, hence, need no adjudication. 9. In the result, appeal of the assessee is allowed. Pronounc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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