SHYAM KUMAR JAIN, Jaipur V. ITO (TDS), Jaipur

ITA 1085/JPR/2016

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 9676 (ITAT-JAIPUR)
• Duration Of Justice: 3 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 09-12-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PRITHVIRAJ MEENA CIT DHK
• Keywords: Sale consideration of property below Jantri Value
• Section: 143(3); 50C; 147; 148

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE S, JAIPUR JH DQY HKKJR] U;KF;D LNL; ,OA JH FOE FLAG ;KNO] YS [KK LNL; DS LE{K BEFORE: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YAD AV, AM VK;DJ VIHY LA-@ ITA NO. 1085/JP/2016 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2010-11. SHRI SHYAM KUMAR JAIN 169/421, HEERA PATH, MANSAROVAR, JAIPUR. CUKE VS. THE ITO WARD 2(5) JAIPUR. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AECPJ 7090 P VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : NONE JKTLO DH VKSJ LS@ REVENUE BY : SHRI PRITHVI RAJ MEENA (ADDL. CIT) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 2.03.2017. ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 15 /03/2017. VKNS'K@ ORDER PER SHRI KUL BHARAT, JM. THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST TH E ORDER OF LD. CIT (A)-I, JAIPUR, DATED 30/09/2016 PERTAINING TO A.Y. 2010-11 . THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL :- 01. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. COMMISSIONER OF INCOME TAX(A) I, JAIPUR HAS ERRED I N CONFIRMING THE SALE CONSIDERATION O THE IMMOVEABLE PROPERTY TAKEN BY TH E ASSESSING OFFICER WARD 2(5) FOR COMPUTATION OF LONG TERM CAPITAL GAIN AT RS. 26848688.00/- UNDER SECTION 50C AS AGAINST ACTUAL SALE CONSIDERAT ION RECEIVED AMOUNT TO RS. 91,00,000.00/- WHILE MAKING ASSESSMENT UNDER SE CTION 143(3) ON THE BASIS OF NOTICE ISSUED UNDER SECTION 147 AND 148. 02. THE LD. COMMISSIONER OF INCOME TAX (A)I, JAIPUR HAS ARBITRARY AND CONTRARY TO THE ACTS ERRED IN CONFIRMING THE FINDIN G GIVEN BY THE ASSESSING OFFICER WARD 2(5) THAT BENEFIT OF APPEAL FILED BY T HE PURCHASER AND PROCEEDING PENDING BEFORE THE RAJASTHAN TAX BOARD A GAINST THE REVALUATION ORDER OF ADDITIONAL COMMISSIONER (STAMP S) CANNOT BE GIVEN AS THE ASSESSEE IS NOT PARTY TO THE PROCEEDING BEFORE TAX BOARD IN THE MATTER OFF REVALUATION FOR STAMP DUTY PURPOSE. 03. THE LD. COMMISSIONER OF INCOME TAX(A)I, JAIPUR HAS ARBITRARY AND CONTRARY TO THE FACTS ERRED IN CONFIRMING THE FINDI NG GIVEN BY THE ASSESSING 2 ITA NO. 1085/JP/2016 SHRI SHYAM KUMAR JAIN. OFFICER WARD 2(5) FOR REJECTION OF INDEXED COST GIV EN BY THE ASSESSEE AND NOT JUDICIOUSLY DETERMINING THE INDEXED COST OF TH E PROPERTY FOR PURPOSE OF CALCULATING LONG TERM CAPITAL GAIN. 04. THE PROCEEDING INITIATED UNDER SECTION 147 AND 148 ARE BAD IN LAW. 05. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW, THE ID. DY. COMMISSIONER OF INCOME TAX, CIRCLE-6 JAIPUR HAS ERR ED IN INITIATING PENALTY PROCEEDING U/S 271(1)(C) OF THE ACT. 06. THE APPELLANT CRAVES LEAVE TO ADD, AMEND AND MODIFY ALL OR ANY GROUND OF APPEAL ON OR BEFORE THE DATE OF HEARING. 2. ON THE DATE OF HEARING, NONE APPEARED ON BEHALF OF THE ASSESSEE. IT IS NOTICED THAT THE DEFECT NOTICE WAS ISSUED TO THE AS SESSEE. THE DEFECT IS NOT RECTIFIED BY THE ASSESSEE . THEREFORE THE APPEAL IS DISMISSE D BEING DEFECTIVE. 3. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON 15/03/20 17. SD/- SD/- FOE FLAG ;KNO ( DQY HKKJR ) (VIKRAM SINGH YADAV) ( KUL BHARAT ) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER JAIPUR DATED:- 15/03/2017. POOJA/ VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT- SHRI SHAYAM KUMAR JAIN,JAIPUR. 2. THE RESPONDENT- THE ITO WARD 2(5) JAIPUR. 3. THE CIT(A). 4. THE CIT, 5. THE DR, ITAT, JAIPUR 6. GUARD FILE (ITA NO. 1085/JP/2016) VKNS'KKUQLKJ@ BY ORDER, 3 ITA NO. 1085/JP/2016 SHRI SHYAM KUMAR JAIN. LGK;D IATHDKJ@ ASSISTANT. REGISTRAR