Appeal Dismissed for Lack of Prosecution - Bank Deposit treated as Capital Gain

The Appellate Tribunal dismissed the Assessee's appeal in ITA No. 822/JP/2012, upholding the assessment treating bank deposit as Long Term Capital Gain for the sale of agricultural land situated beyond 8 Kms from Urban Areas. The Tribunal found the Assessee's absence during the hearing, withdrawal of power of attorney, and unserved Notice indicated a lack of interest in pursuing the appeal. Citing relevant precedents, the Tribunal concluded the appeal was dismissed for want of prosecution on October 27, 2017.

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Issues involved:
Appeal against order of Ld. CIT(A) confirming assessment u/s 144 treating bank deposit as Long Term Capital Gain for sale of agricultural land beyond 8 Kms from Urban Areas.

Analysis:
The Appellate Tribunal ITAT Jaipur heard the appeal (ITA No. 822/JP/2012) by the Assessee against the order of Ld. CIT(A)-3, Jaipur for the assessment year 2007-08. The Assessee's grounds of appeal primarily challenged the Ld. CIT(A)'s confirmation of the Ld. AO's order, which assessed the amount deposited in the bank as Long Term Capital Gain. The Assessee contended that the deposited amount was related to the sale of agricultural land situated beyond 8 Kms from Urban Areas. The absence of the Assessee during the hearing was noted, with the Ld. AR withdrawing the power of attorney on the last hearing day, and the Notice being returned unserved. Consequently, it was inferred that the Assessee had no interest in pursuing the appeal. Citing precedents, including the decision of Delhi Bench of ITAT in CIT vs. Multiplan India Ltd. and the Hon'ble Madhya Pradesh High Court in the case of Estate of late Tukojirao Holkar vs. CWT, the Tribunal dismissed the appeal due to want of prosecution. The order was pronounced on October 27, 2017, dismissing the Assessee's appeal in ITA No. 822/JP/2012.

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