ACIT, Thanjavur V. Smt. A.Amalorpavamary, Thanjavur

ITA 1215/CHNY/2012

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 68710 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 3 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-09-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 24-09-2013
• Assessment Year: 2008-2009
• Appeal Filed On: 01-06-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N MADHAVAN IRS
• Assessee Lawyers: N DEVANATHAN
• Keywords: Cost of acquisition; Fair market value
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI BEFORE DR. O.K.NARAYANAN, VICE-PRESIDENT AND SHRI VIKAS AWASTHY , JUDICIAL MEMBER ITA NO.1215(MDS)/2012 ASSESSMENT YEAR : 2008-09 THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE I, THANJAVUR. VS. SMT. AMALORPAVAMARY, OZANAM HOUSE OF AGED, 1, POOKARA KALLUKULAM LANE THANJAVUR. PAN AAHPA7070K. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI N.MADHAVAN, IRS, JCIT RESPONDENT BY : SHRI N.DEVANATHAN, ADVOCAT E DATE OF HEARING : 24 TH SEPTEMBER, 2013 DATE OF PRONOUNCEMENT : 24 TH SEPTEMBER, 2013 O R D E R PER DR.O.K.NARAYANAN, VICE-PRESIDENT THIS APPEAL FILED BY THE REVENUE RELATES TO THE ASSESSMENT YEAR 2008-09. THE APPEAL IS DIRECTED AG AINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX(APPEALS) AT - - ITA 1215 OF 2012 2 TIRUCHIRAPALLI, DATED 20-3-2012 AND ARISES OUT OF T HE ASSESSMENT COMPLETED UNDER SECTION 143(3) OF THE INCOME-TAX AC T, 1961. 2. THE GROUND RAISED BY THE REVENUE IN THIS APPEAL IS THAT THE COMMISSIONER OF INCOME-TAX(APPEALS) HAS ER RED IN DIRECTING THE ASSESSING OFFICER TO ADOPT THE AVERAG E COST OF ` 25/- PER SFT., AS AGAINST THE AVERAGE COST OF ` 46/- ADMITTED BY THE ASSESSEE AND THE AVERAGE COST OF ` 4/- ADOPTED BY THE ASSESSING OFFICER FOR THE PURPOSE OF COMPUTING THE COST OF ACQUISITION AS ON 1-4-1981. 3. ON GOING THROUGH THE ORDERS OF THE LOWER AUTHOR ITIES, WE FIND THAT THE MODIFICATION GRANTED BY THE COMMIS SIONER OF INCOME-TAX(APPEALS) IS QUITE REASONABLE. THE COMMI SSIONER OF INCOME-TAX(APPEALS) HAS DETERMINED THE FAIR MARKET VALUE OF THE PROPERTY AS ON 1-4-1981 AT THE RATE OF ` 25/- PER SFT. THE ASSESSEE HAS CLAIMED A RATE OF ` 46/-, WHEREAS, THE ASSESSING OFFICER HAS GRANTED ONLY ` 4/- PER SFT. AS THE VALUE OF THE PROPERTY IN THE PRESENT CASE AS ON 1-4-1981 COULD B E MADE ONLY ON THE BASIS OF AN ESTIMATE, WE FIND THAT THE COST OF ` 25/- PER SFT. FIXED BY THE COMMISSIONER OF INCOME-TAX(APPEALS) IS JUST AND REASONABLE. ACCORDINGLY, HIS ORDER IS CONFIRMED. - - ITA 1215 OF 2012 3 4. IN RESULT, THIS APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON TUESDAY, THE 24 TH OF SEPTEMBER, 2013 AT CHENNAI. SD/- SD/- (VIKAS AWASTHY) (DR. O.K.NARAYANAN) JUDICIAL MEMBER VICE-PRESIDENT CHENNAI, DATED THE 24 TH SEPTEMBER, 2013. V.A.P. 1. THE A PPELLANT. 2. THE RESPONDENT. 3. CIT 4. CIT(A) 5. DR 6. GF