Shri Ramesh Chand Julania, Indore V. The ITO 3(1), Indore

ITA 112/IND/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 54078 (ITAT-INDORE)
• Duration Of Justice: 6 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-12-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2006-2007
• Appeal Filed On: 14-06-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ARUN DEWAN
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL , INDORE BENCH, INDORE BEFORE SHRI JOGINDER SINGH, J.M. AND SHRI R.C.SHARM A, A.M. PAN NO. : ACWPJ3097Q I.T.A.NO. 112 / IND /20 11 A.Y. : 2006 - 07 SHRI RAMESH CHAND JULANIA , ITO, S/O MATHURA LAL JULANIA , VS 3(1 ) PROP. M/S. PARMANAND RADHESHYAM, 3, NEW ANAJ MANDI, INDORE. INDORE . APPELLANT RESPONDENT APPELLANT BY : SHRI RAM GILDA, ADV. RESPONDENT BY : SHRI ARUN DEWAN, SR. DR DATE OF HEARING : 21 .12.2011 DATE OF PRONOUNCEMENT : 28 .12.2011 O R D E R PER R. C. SHARMA, A.M. THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) DATED 29.4.2011 FOR THE ASSESSMENT YEAR 2 006-07. -: 2: - 2 2. THE ONLY GRIEVANCE OF THE ASSESSEE RELATES TO ADDIT ION MADE ON ACCOUNT OF LONG TERM CAPITAL GAINS BY INVOK ING PROVISIONS OF SECTION 50-C OF THE INCOME-TAX ACT, 1 961. 3. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORDS PERUSED. IN THE RETURN OF INCOME, THE ASSESSEE HAD SHOWN LONG TERM CAPITAL GAIN OF RS. 6 LAKHS. MARKET VALUE OF T HE SAME WAS GIVEN AS RS. 9.60 LAKHS IN THE PHOTOCOPY OF SALE DE ED. ACCORDINGLY, THE AO RECOMPUTED CAPITAL GAIN U/S 50C BY TAKING SALE CONSIDERATION AT RS. 9.60 LAKHS IN PLAC E OF RS. 6.00 LAKHS. BY THE IMPUGNED ORDER, THE LD. CIT(A) CONFIR MED THE ADDITION. 4. WE HAVE CAREFULLY CONSIDERED THE RIVAL CONTENTIONS AND FOUND THAT AS PER THE STAMP DUTY VALUATION, THE VA LUE OF THE AGRICULTURAL LAND WORKS OUT TO BE RS. 9.60 LAKHS. C ONTENTION OF THE ASSESSEE WAS THAT ACTUAL TRANSACTION VALUE SHOW N BY THE ASSESSEE IS CORRECT AND ONLY DUE TO HIKE OF STAMP D UTY HIGHER VALUATION OF LAND HAS TAKEN BY STAMP DUTY AUTHORITY WHILE REGISTERING THE SALE DEED. AS PER THE LD. AUTHORIZE D REPRESENTATIVE, IN THE ABSENCE OF ANY ADMISSIBLE EV IDENCE, ACTUAL TRANSACTION VALUE SHOULD BE ACCEPTED. WE FOU ND THAT -: 3: - 3 THE ASSESSEE HAS DISPUTED THE VALUE TAKEN BY THE ST AMP DUTY AUTHORITY. IN THESE CIRCUMSTANCES, THE AO SHOULD HA VE MADE A REFERENCE TO THE DVO UNDER SUB SECTION (2) OF SECTI ON 50C. THE ASSESSEE HAS RAISED THIS PLEA BEFORE THE CIT(A) , BUT HE DID NOT ACCEPT THE SAME AND CONFIRMED THE ADDITION. IN THE INTEREST OF JUSTICE, KEEPING IN VIEW THE DECISION O F I.T.A.T. JODHPUR BENCH IN THE CASE OF MEGHRAJ BEJ, 114 TTJ 8 4, WE RESTORE THE MATTER BACK TO THE FILE OF THE AO WITH DIRECTION TO REFER THE MATTER TO THE DVO UNDER SUB SECTION (2) O F SECTION 50C AND DECIDE THE MATTER AFRESH AFTER CALLING FOR ASSESSEES OBJECTION IF ANY ON SUCH REPORT. WE DIRECT ACCORDIN GLY. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWE D FOR STATISTICAL PURPOSES. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 28 TH DECEMBER, 2011. (JOGINDER SINGH) ( R.C.SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 28 TH DECEMBER, 2011. CPU* 2122 -: 4: - 4