Ashok Bajirao , Hyderabad V. Income Tax Officer, Ward-7(1), Hyderabad

ITA 1125/Hyd/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 9709 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 8 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-03-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Assessment Year: 2009-2010
• Appeal Filed On: 11-07-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROHIT MAJUMDAR
• Assessee Lawyers: B SHANTI KUMAR
• Keywords: Sale consideration of property below Jantri Value
• Section: 271(1)(c); 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD. BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER (THROUGH VIRTUAL HEARING) ITA NO. 1125 /HYD/201 9 (ASSESSMENT YEAR : 20 09 - 10 ) SHRI ASHOK BAJIRAO, 12 - 1 - 490/40/B/38, HUDA COLONY, ASIF NAGAR, HYDERABAD - 500 028 PAN BFQPB 4137K VS. INCOME TAX OFFICER, WARD 7(1), HYDERABAD. APPELLANT RESPONDENT APPELLANT BY : SHRI B. SHANTI KUMAR. RESPONDENT BY : SHRI ROHIT MAJUMDAR. DATE OF HEARING : 09.02 .2021. DATE OF PRONOUNCEMENT : 17 .03. 2021. O R D E R PER SHRI S.S. GODARA, J.M. : THIS ASSESSEES APPEAL FOR ASST. YEAR 20 14 - 15 ARISES FROM THE COMMISSIONER OF INCOME TAX (APPEALS) - 3 , HYDERABAD S ORDER DT. 10.05.2019 PASSED IN THE CASE NO. 10126/ITO - 7(1)/HYD/CIT(A) - 3/2018 - 19 IN VOLVING PROCEEDINGS UNDER SECTION 271(1)(C) OF INCOME TAX ACT, 1961 (THE ACT). HEARD BOTH THE PARTIES . C ASE FILE PERUSED. 2. COMING TO THE ASSESSEE'S SOLE SUBSTANTIV E GRIEVANCE CHALLENGING CORRECTNESS OF THE IMPUGNED SEC.271(1)(C) PENA LTY O F RS.6,33,690 PERTAINING TO SECTION 50C ADDITION OF RS.29,46,500 , WE NOTICE THAT HIS CORRESPONDING QUANTUM APPEAL ITA NO.428/HYD/2020 S TANDS RESTORED BACK TO THE FILE OF ASSESSING OFFICER IN CO - ORDINATE BENCHS ORDER DT.17.2.2021. THIS CLINCHING DEVELOPMENT HAS GONE UNREBUTTED FROM THE REVENUE SIDE. WE, THEREFORE, ARE OF THE 2 ITA NO. 1125/HYD/2019 OPINION THAT THE INSTANT PENALTY MUST ALSO FOLLOW SUIT. THIS PENALTY ISSUE IS RESTORED BACK TO THE ASSESSI NG OFFICER FOR HIS AFRESH ADJUDICATION IN ABOVE TERMS THEREFORE. IT IS MADE CLEAR THAT THE ASSESSING OFFICER SHALL FIRST DECIDE SEC. 50C ISSUE ON MERITS TO BE FOLLOWED BY HIS ADJUDICATION AS THE IMPUGNED SECTION 271(1)(C) MATTER . 3. THIS ASSESSEE'S A PPEAL IS ALLOWED FOR STATISTICAL PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 17TH MARCH, 2021. SD/ - SD/ - (LAXMI PRASAD SAHU) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DT. 17 .03.2021. * REDDY GP COPY TO : 1. SHRI ASHOK BAJIRAO, 12 - 1 - 490/40/B/38, HUDA COLONY, ASIF NAGAR, HYDERABAD - 500 028 2. INCOME TAX OFFICER, WARD 7(1), HYDERABAD. 3. PR. C I T - 4 , HYDERABAD. 4. CIT(APPEALS) - 4 HYDERABAD. 5. DR, ITAT, HYDERABAD. 6. GUARD FILE. BY ORDER SR. PVT. SECRETARY, ITAT, HYDERABAD.