BHUVENDRA KUMAR VARSHNEY,ALIGARH V. ITO W.4(1)(1), ALIGARH

ITA 522/AGR/2024

AI Insights

The case involves appeals by the assessee, Sh. Bhuvendra Kumar Varshney, against the orders of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, for the Assessment Years 2015-16 and 2017-18. The primary issue in the appeals was the valuation of capital assets, specifically plots of land sold by the assessee, which were assessed under section 50C of the Income Tax Act. The assessee contested the valuation used by the Assessing Officer, which was significantly higher than the sale price, and sought a revaluation by the Departmental Valuation Officer. The Tribunal accepted this request and directed a re-assessment based on the DVO's valuation and a re-examination of the deductions under sections 54B and 54F.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 473841 (ITAT-AGRA)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-03-2025
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2015-2016
• Other Referred Cases: Sunil Kumar Agarwal vs. CIT
• Laws Referred To: Income Tax Act
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SHAILENDRA SHRIVASTAVA LD.
• Assessee Lawyers: PANKAJ GARGH LD
• Keywords: Capital asset; Sale consideration of property below Jantri Value; Capital Gains
• Section: 144; 54B; 54F

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL “DB” BENCH, AGRA BEFORE HON’BLE SHRI SATBEER SINGH GODARA, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM 1. आयकरअपील सं. / ITA No.522/Agr/2024 (िनधाŊरणवषŊ / Assessment Year: 2015-16) & 2. आयकरअपील सं. / ITA No.523/Agr/2024 (िनधाŊरणवषŊ / Assessment Year: 2017-18) Sh. Bhuvendra Kumar Varshney 614, College Road, Vais Parah Atrauli, Aligarh 202 280 बनाम/ Vs. ITO - NFAC ̾थायीलेखासं./जीआइआरसं./PAN/GIR No. AAJPV-0836-A (अपीलाथŎ/Appellant) : (ŮȑथŎ / Respondent) अपीलाथŎकीओरसे/ Appellant by : Shri Pankaj Gargh (Advocate) – Ld. AR ŮȑथŎकीओरसे/Respondent by : Shri Shailendra Shrivastava – Ld. Sr. DR सुनवाईकीतारीख/Date of Hearing : 20-02-2025 घोषणाकीतारीख /Date of Pronouncement : 28-03-2025 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeals by assessee for Assessment Years (AY) 2015- 16 & 2017-18 arises out of separate orders both dated 26-09-2024 passed by learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] in the matter of separate assessments framed by Ld. Assessing Officer [AO] u/s. 144 r.w.s. 147 of the Act. The Ld. AR has raised the issue of valuation of capital assets. Having heard rival submissions, the appeals are disposed-off as under. 2 2. Upon perusal of case records for AY 2015-16, it emerges that the assessee sold certain plots of land for Rs.151.75 Lacs as against its Stamp Duty Valuation of Rs.269.45 Lacs. The assessee also claimed deductions u/s 54B & 54F which was denied for want of documentary evidences. Finally, Ld. AO assessed capital gains of Rs.267.11 Lacs by invoking the provisions of Sec.50C. The assessment was framed on similar lines for AY 2017-18. The Ld. CIT(A), after considering assessee’s written submissions, confirmed the assessment, for both the years. Aggrieved, the assessee is in further appeals before us. 3. The Ld. AR advanced arguments and sought valuation of the plots of land by Departmental Valuation Officer (DVO) which has been opposed by Ld. Sr. DR. The Ld. AR also pleaded for re-examination of deduction as claimed u/s 54B & 54F. 4. In terms of decision of Hon’ble High Court of Calcutta in the case of Sunil Kumar Agarwal (47 Taxmann.com 158) which mandate such valuation by DVO in such situation, we accept the prayer of Ld. AR. Accordingly, the assessments, for both the years, stand restored back to the file of Ld. AO with a direction to refer the valuation to DVO. The Ld. AO is directed to reframe the assessment after due consideration of the same and also re-verify the deduction claim u/s 54B & 54F. The assessee is directed to substantiate its cases. No other ground has been urged in the appeal. 3 5. Both the appeals stand partly allowed for statistical purposes. Order pronounced u/r 34(4) of Income Tax (Appellate Tribunal) Rules, 1963. Sd/- Sd/- (SATBEER SINGH GODARA) (MANOJ KUMAR AGGARWAL) Ɋाियक सद˟ /JUDICIAL MEMBER लेखा सद˟ / ACCOUNTANT MEMBER Dated: 28-03-2025 आदेश की Ůितिलिप अŤेिषत / Copy of the Order forwarded to : 1. अपीलाथŎ/Appellant 2. ŮȑथŎ/Respondent 3. आयकरआयुƅ/CIT 4. िवभागीयŮितिनिध/DR 5. गाडŊफाईल/GF ASSISTANT REGISTRAR ITAT AGRA "