DCIT, Circle-9(1), Hyd, Hyderabad V. K. Yadaiah, Hyd, Hyderabad

CO 17/HYD/2015

• Counselvise Citation: [2017] 123 COUNSELVISE.COM (IT) 2806 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 10 month(s) 16 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 17-03-2017
• Appeal Filed By: Assessee
• Bench Allotted: B
• Next Hearing Date: 26-05-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 01-05-2015
• Court: TRIBUNAL
• Department Lawyers: K J RAO
• Assessee Lawyers: P RAVI SESHAGIRI RAO
• Keywords: Sale consideration of property below Jantri Value; Tax effect
• Section: 50C; 147

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B (SMC), HYDERABAD BEFORE SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER I.T.A. NO. 116/HYD/2015 ASSESSMENT YEAR: 2007-08 THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-9(1), HYDERABAD VS SRI K. YADAIAH, HYDERABAD [PAN: ADOPK7367C] (APPELLANT) (RESPONDENT) C.O. NO. 17/HYD/2015 (IN ITA NO. 116/HYD/2015) ASSESSMENT YEAR: 2007-08 SRI K. YADAIAH, HYDERABAD [PAN: ADOPK7367C] VS THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-9(1), HYDERABAD (CROSS-OBJECTOR) (RESPONDENT) FOR REVENUE : SHRI K.J. RAO, DR FOR ASSESSEE : SHRI P. RAVI SESHAGIRI RAO, AR DATE OF HEARING : 14-03-2017 DATE OF PRONOUNCEMENT : 17-03-2017 O R D E R THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX(APPEALS)-VI, HYDERABAD O N THE ISSUE OF APPLICABILITY OF SECTION 50C ON THE FACTS OF THE CA SE. THE CROSS OBJECTION BY ASSESSEE IS ON THE ISSUES OF REOPENING O F ASSESSMENT U/S 147 WHICH WAS NOT CONSIDERED BY LD. CIT(A). I.T.A. NO. 116/HYD/2015 C.O. NO. 17/HUD/2015 SRI K. YADAIAH :- 2 - : 2. AT THE OUTSET, IT IS OBSERVED THAT THE TAX EFFECT INVO LVED IN THE APPEAL OF REVENUE IS BELOW RS.10 LAKHS. VIDE CIRCU LAR NO.21/2015 DATED 10 TH DECEMBER, 2015, BEARING F.NO.279/- MISC.142/2007- ITI(PT), CBDT HAS SPECIFIED THAT WHERE THE TAX EFFECT DOE S NOT EXCEED THE MONETARY LIMIT SPECIFIED THEREIN, THE CONCERN ED AUTHORITY HAS TO WITHDRAW ITS APPEAL OR IT NEED NOT PRES S THE SAME. IT IS FURTHER SPECIFIED THAT THE TAX EFFECT INDICATED THERE IN IS APPLICABLE TO ALL PENDING APPEALS, THOUGH THEY ARE FI LED BY THE REVENUE PRIOR TO THE ISSUANCE OF THE SAID CIRCULAR. T HE ABOVE CIRCULAR WAS SPECIFICALLY MADE APPLICABLE TO ALL PEN DING APPEALS. IN THE PRESENT CASE, TAX EFFECT ON ACCOUNT OF THE RELIEF G RANTED BY THE CIT(A) WHICH LED TO THE FILING OF THE PRESENT APPEAL BY THE REVENUE, IS ADMITTEDLY, LESS THAN RS.10 LAKHS. 3. IN THE LIGHT OF THE CIRCULAR DATED 10-12-2015, ISS UED BY THE CBDT IN EXERCISE OF THE POWERS CONFERRED IN IT BY SUB SECTION (1) OF S.268A, I AM OF THE VIEW THAT THE APPEAL FILED HEREIN SHOULD NOT HAVE BEEN PRESSED BY THE REVENUE. THE LEARNED DEPARTM ENTAL REPRESENTATIVE FAIRLY ADMITTED THAT THE REVENUE EFFECT IN THIS APPEAL IS LESS THAN THE LIMIT PRESCRIBED IN PARA-3 OF THE ABOVE CIRCULAR ISSUED BY THE CBDT. HAVING REGARD TO THE CIR CUMSTANCES OF THE CASE, I DISMISS THE APPEAL OF THE REVENUE AS W ITHDRAWN/NOT PRESSED. 4. ASSESSEE HAS RAISED CROSS-OBJECTION AGAINST THE APP EAL OF REVENUE. SINCE THE APPEAL OF REVENUE IS DISMISSED, TH E CROSS- OBJECTION OF ASSESSEE HAS BECOME ACADEMIC IN NATURE. I.T.A. NO. 116/HYD/2015 C.O. NO. 17/HUD/2015 SRI K. YADAIAH :- 3 - : 5. IN THE RESULT, BOTH APPEAL OF REVENUE AS WELL AS CROSS- OBJECTION OF ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH MARCH, 2017 SD/- (B. RAMAKOTAIAH) ACCOUNTANT MEMBER HYDERABAD, DATED 17 TH MARCH, 2017 TNMM COPY TO : 1. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-9(1), HYDERABAD. 2. SRI K. YADAIAH, FLAT NO. 529, SMR VINAY HIGH LAN DS, MADINAGUDA, SERILINGAMPALLY MUNICIPALITY, HYDERABAD . 3. COMMISSIONER OF INCOME TAX(APPEALS)-VI, HYDERABA D. 4. THE COMMISSIONER OF INCOME TAX-VI, HYDERABAD. 5. D.R. ITAT, HYDERABAD. 6. GUARD FILE.