M/s. Nanda Tours and Travels, Pune V. Income-tax Officer, Ward - 7 (3), Pune

ITA 1102/PUN/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 9867 (ITAT-PUNE)
• Duration Of Justice: 5 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-01-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 20-11-2019
• Assessment Year: 2014-2015
• Appeal Filed On: 15-07-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: ARISES OUT OF PASSED
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT . / ITA NO. 1102/PUN/2019 / ASSESSMENT YEAR : 2014-15 M/S. NANDA TOURS & TRAVELS, PROP. SHRI VINOD MOHAN SAKORE, S.NO.47, GANESH NAGAR, NEAR VENUS APARTMENT, VADGAONSHERI, PUNE 411 014 PAN : BHPPS2274B VS. ITO, WARD-7(3), PUNE (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSE D BY THE CIT(A)-8, PUNE ON 08-05-2019 IN RELATION TO THE ASSESSMENT YEAR 2014-15. 2. THE ONLY ISSUE RAISED IN THIS APPEAL IS AGAINST THE CONFIRMATION OF ADDITION ON ACCOUNT OF SHORT TERM CAPITAL GAIN AND LONG TERM CAPITAL GAIN. APPELLANT BY NONE RESPONDENT BY SHRI V.K. SINGH DATE OF HEARING 02-01-2020 DATE OF PRONOUNCEMENT 03-01-2020 ITA NO.1102/PUN/2019 M/S. NANDA TOURS & TRAVELS 2 3. SHORN OFF UNNECESSARY DETAILS, IT IS SEEN THAT THE ASSESSI NG OFFICER (AO) MADE THE ADDITIONS ON ACCOUNT OF LONG TERM A ND SHORT TERM CAPITAL GAIN ON THE BASIS OF STAMP VALUE. THE ASSESSEE CONTENDED BEFORE THE LD. CIT(A) THAT THE AO OUGH T TO HAVE REFERRED THE MATTER TO THE DEPARTMENTAL VALUATION OFFICE R (DVO) FOR SUBSTITUTION OF THE STAMP VALUE WITH THE VALUE TO BE WORKED OUT BY THE DEPARTMENTAL VALUER. THE LD. CIT(A) D ID NOT FIND SUCH A REQUEST HAVING BEEN MADE BY THE ASSESSEE BEFORE THE AO. HE, THEREFORE, CONFIRMED THE ADDITION. 4. I HAVE HEARD THE LD. DR AND GONE THROUGH THE RELEVANT MATERIAL ON RECORD. THERE IS NO APPEARANCE FROM THE SIDE OF THE ASSESSEE DESPITE SEVERAL NOTICES. AS SUCH, I AM PROCEE DING TO DISPOSE OF THE APPEAL QUA THE ASSESSEE. IT IS SEEN AS A MATTER OF FACT THAT THE ASSESSEE MADE A REQUEST AT LEAST TO THE LD. CIT (A) THAT THE STAMP VALUE IS EXCESSIVE AND THE AO OUGHT TO HAVE MADE A REFERENCE TO THE DVO FOR SUBSTITUTION OF FULL VALUE O F CONSIDERATION IN PLACE OF STAMP VALUE U/S.50C. THOUGH THE CLAIM OF THE ASSESSEE WAS THAT SUCH A REQUEST WAS ALSO MA DE BEFORE THE AO BUT THE LD. CIT(A) COULD NOT FIND IT OUT FROM THE RECORD AND HENCE CONFIRMED THE ADDITION. ITA NO.1102/PUN/2019 M/S. NANDA TOURS & TRAVELS 3 5. THE HONBLE CALCUTTA HIGH COURT IN THE CASE OF SUNIL KUMAR AGARWAL VS. CIT (2014) 47 TAXMANN.COM 158 (CAL.) HAS HELD IN PARA 8 THAT: EVEN IN A CASE WHERE NO SUCH PRAYER IS MADE BY THE LEARNED ADVOCATE REPRESENTING THE ASSESSEE, W HO MAY NOT HAVE BEEN PROPERLY INSTRUCTED IN LAW, THE ASSESSING OFFICER, DISCHARGING A QUASI JUDICIAL FUNCTION, HAS THE BOUN DEN DUTY TO ACT FAIRLY AND TO GIVE A FAIR TREATMENT BY GIVING HIM A N OPTION TO FOLLOW THE COURSE PROVIDED BY LAW. TAKING INTO CONSIDERATION THE ENTIRE FACTS AND CIRCUMSTANCES PREVAILING IN THE INSTANT CASE, I AM OF THE CONSIDERED OPINION THAT THE ENDS OF JUSTICE WOULD MEET ADEQUATELY IF THE IMPUGNED ORDER IS SET- ASIDE AND THE MATTER IS RESTORED TO THE FILE OF AO. I ORDER ACCORDINGLY AND DIRECT HIM TO MAKE A REFERENCE TO THE DVO IN TERMS OF SECTION 50C OF THE ACT. 6. IN THE RESULT, THE APPEAL IS ALLOWED FOR STATISTICAL PURPOSES . ORDER PRONOUNCED IN THE OPEN COURT ON 03 RD JANUARY, 2020. SD/- (R.S.SYAL) / VICE PRESIDENT PUNE; DATED : 03 RD JANUARY, 2020 ITA NO.1102/PUN/2019 M/S. NANDA TOURS & TRAVELS 4 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-8, PUNE 4. THE PR. CIT-4, PUNE 5. , , SMC / DR SMC, ITAT, PUNE; 6. / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE DATE 1. DRAFT DICTATED ON 02-01-2020 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 02-01-2020 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER -- JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. -- JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *