VISHNU PRASAD, Jaipur V. DCIT, Jaipur

ITA 1091/JPR/2016

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 2061 (ITAT-JAIPUR)
• Duration Of Justice: 9 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-09-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 09-12-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJENDRA SINGH JCIT DHK
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C; 68

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 HKKXPUN] YS[KK LNL; ,OA JH DQY HKKJR] U;KF;D LNL; DS LE{K BEFORE: SHRI BHAGCHAND, AM AND SHRI KUL BHARAT, JM VK;DJ VIHY LA-@ ITA NO. 1091/JP/2016 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2011-12. VISHNU PRASAD, NAMDEV EXPORTS, OPP. DHANOPIA TEXTILES, SANGANER, JAIPUR. CUKE VS. THE DCIT, CIRCLE-7, JAIPUR. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AAPPP 9225 M VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI MANISH AGARWAL (CA) JKTLO DH VKSJ LS@ REVENUE BY : SHRI RAJENDRA SINGH (JCIT) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 13.09.2017. ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 14/09/2017. VKNS'K@ ORDER PER SHRI KUL BHARAT, JM. THIS APPEAL BY THE BY THE ASSESSEE IS FILED AGAINST THE ORDER OF LD. CIT (A)-III, JAIPUR DATED 16.09.2016 PERTAINING TO ASSESSMENT YE AR 2011-12. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL :- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE A ND IN LAW, LD. CIT (A) ERRED IN CONFIRMING ADDITION OF RS. 30,50,0 00/- MADE BY AO U/S 68 ALLEGING CASH DEPOSITS IN BANK ACCOUNT AS UN DISCLOSED INCOME. 1.1. THAT LD. CIT (A) ERRED IN CONFIRMING ADDITION OF RS . 30,50,000/- IGNORING THE SUBMISSION OF ASSESSEE THAT THE SAID A MOUNT REPRESENTED SALE CONSIDERATION RECEIVED BY ASSESSEE FOR SALE OF LAND. 1.2. THAT LD. CIT (A) ERRED IN CONFIRMING ADDITION OF RS . 30,50,000/- IGNORING THE EVIDENCES PRODUCED IN THE SHAPE OF SAL E AGREEMENT, MERELY FOR THE REASON THAT AGREEMENT WAS NOT 2 ITA NO. 1091/JP/2016 SHRI VISHNU PRASAD, JAIPUR. REGISTERED. APPELLANT PRAYS ADDITION SO MADE MAY PL EASE BE DELETED. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, LD. CIT (A) ERRED IN CONFIRMING ADDITION OF RS. 15,00,0 00/- MADE BY AO U/S 68 ALLEGING CASH DEPOSITS IN BANK ACCOUNT OF AS SESSEE AS UNDISCLOSED INCOME. 2.1. THAT LD. CIT (A) ERRED IN CONFIRMING ADDITION MADE BY AO COMPLETELY IGNORING THE SUBMISSION OF THE ASSESSEE THAT THE CASH DEPOSITS WERE MADE OUT OF SUM RECEIVED BACK OF ADVANCE FROM ONE SHRI HANUMAN, TO WHOM ADVANCE WAS MADE FOR PURCHASE OF LAND IN EARLIER YEARS. 3. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, LD. CIT (A) ERRED IN CONFIRMING ADDITION OF RS. 3,65,83 6/- BEING DIFFERENCE BETWEEN DLC AND COST OF ASSET TRANSFERRE D BY ASSESSEE TO FIRM IN WHICH HE WAS PARTNER. 3.1. THAT LD. CIT (A) ERRED IN CONFIRMING THE ADDIT ION IGNORING THE SUBMISSION MADE BY ASSESSEE THAT PROVISIONS OF SECT ION 50C ARE NOT APPLICABLE IN RESPECT OF TRANSFER MADE IN ACCOR DANCE WITH SECTION 45(3) OF THE ACT. 4. THAT THE APPELLANT CRAVES THE RIGHT TO ADD, DELE TE, AMEND OR ABANDON ANY OF THE GROUNDS OF APPEAL EITHER BEFORE OR AT THE TIME OF HEARING OF APPEAL. 2. AT THE TIME OF HEARING, THE LD. COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE LD. CIT (A) HAS DECIDED THE APPEAL OF THE ASSES SEE EX PARTE WITHOUT AFFORDING PROPER OPPORTUNITY OF HEARING TO THE ASSESSEE. HE SUBMITTED THAT LD. CIT (A) WHILE DECIDING THE APPEAL HAS NOT TAKEN INTO CONSIDERATIO N THE WRITTEN SUBMISSIONS OF THE ASSESSEE. HE, THEREFORE, PRAYED THAT THE ORDER OF LD. CIT (A) BE SET ASIDE AND THE MATTER BE RESTORED BACK TO HIS FILE FOR DECIDING AF RESH AFTER PROVIDING OPPORTUNITY TO THE ASSESSEE. 3. ON THE CONTRARY, THE LD. D/R SUPPORTED THE ORDER S OF THE AUTHORITIES BELOW AND OPPOSED THE SUBMISSIONS. 3 ITA NO. 1091/JP/2016 SHRI VISHNU PRASAD, JAIPUR. 4. AFTER HEARING RIVAL SUBMISSIONS AND GOING THROUG H THE ORDERS OF THE AUTHORITIES BELOW, IN THE INTEREST OF NATURAL JUSTI CE, WE SET ASIDE THE ORDER OF THE LD. CIT (A). THE MATTER IS RESTORED BACK TO LD. CIT (A ) FOR DECIDING THE SAME ON MERITS, AFTER AFFORDING OPPORTUNITY OF HEARING TO THE ASSES SEE. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER IS PRONOUNCED IN THE OPEN COURT ON 14.09.2 017. SD/- SD/- ( HKKXPUN ( DQY HKKJR ) ( BHAGCHAND) ( KUL BHARAT ) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER JAIPUR DATED:- 14/09/2017. DAS/ VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT- SHRI VISHNU PRASAD, JAIPUR. 2. THE RESPONDENT THE DCIT, CIRCLE-7, JAIPUR. 3. THE CIT(A). 4. THE CIT, 5. THE DR, ITAT, JAIPUR 6. GUARD FILE (ITA NO. 1091/JP/2016) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR 4 ITA NO. 1091/JP/2016 SHRI VISHNU PRASAD, JAIPUR.