C.L.Subramanya Babu , Bangalore V. Income Tax Officer Ward-7(2)(5), Bangalore

ITA 140/BANG/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 4164 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 1 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-02-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2015-2016
• Appeal Filed On: 24-01-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R. PREMI
• Assessee Lawyers: SHRIC. RAMESH
• Keywords: Sale consideration of property below Jantri Value; Capital Gains
• Section: 6; 139; 143(3); 50C; 54F; 250; 201; 143(2); 20

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES C BENCH: BANGALORE BEFORE SHRI A.K. GARODIA , ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA NO. 140/BANG/2019 (ASSESSMENT YEAR: 201 5 - 16 ) SHRI C.L. SUBRAMANYA BABU, 128, 6 TH CROSS, 1 ST A BLOCK, BDA LAYOUT, BANNERGHATTA POST OFFICE, 8 TH PHASE, JP NAGAR, BANGALORE - 560 076 .APPELLANT PAN BALPS 7871R VS. INCOME TAX OFFICER , WARD 7(2)(5), BANGALORE. RESPONDENT. ASSESSEE BY: SHRI C. RAMESH, C.A. REVENUE BY: S MT. R. PREMI, JCIT (D.R) DATE OF HEARING : 24.02 .20 20 DATE OF PRONOUNCEMENT : 26 .02 .20 20 O R D E R PER SHRI PAVAN KUMAR GADALE, JM : THE ASSESSEE HAS FILED AN APPEAL AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS), BANGALORE PASSED UNDER SECTION 143(3) AND 250 OF THE INCOME TAX ACT, 1961 ('THE ACT'). 2 ITA NO. 140/BANG/2019 2. AT THE TIME OF HEARING, THE LEARNED AUTHORIZED REPRESENTATIVE HAS FILED AN APPLICATION FOR ADMISSION OF ADDITIONAL GROUNDS THAT , THE CIT ( APPEALS) HAS NOT ADJUDICATED TH E GROUNDS OF APPEAL RAISED BEFORE APPELLATE AUTHORITY AND PRAYED FOR ADMISSION OF ADDITIONAL GROUNDS OF APPEAL. THE LEARNED DEPARTMENTAL REPRESENTATI VE HAS NO SERIOUS OBJECTION. HENCE, THE ADDITIONAL GROUNDS OF APPEAL ARE ADMITTED AND HEARD. THE ADDITIONAL GROUNDS OF APPEAL RAISED BY THE ASSESSEE ARE AS UNDER: 3. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE HAS INCOME FROM CAPITAL GAINS AND FILED RETURN OF INCOME ON 24.08.2015 DISCLOSING TOTAL INCOME OF 3 ITA NO. 140/BANG/2019 RS.2,93,850. SUBSEQUENTLY, THE CASE WAS SELECTED FOR SCRUTINY AND NOTICE UNDER SECTION 143(2) OF THE ACT WAS ISSUED . WHEREAS THE ASSESSING OFFICER AFTER VERIFYING T HE FACTS , HAS DISALLOWED THE CLAIM UNDER SECTION 54F OF THE ACT , BECAUSE THE ASSESSEE HAS NOT DE POSITED THE UNUTILIZED SALE PROCEEDS IN THE CAPITAL GAIN ACCOUNT SCHEME BEFORE FILING OF RETURN OF INCOME UNDE R SECTION 139 (1) OF THE ACT AND MADE ADDITION OF LONG TERM CAPITAL GAINS OF RS.52,40,502 / - AND ASSESSED THE TOTAL INCOME OF RS.55,34,350 AND PASSED ORDER UNDER SECTION 143(3) OF THE ACT DT.29.12.2017. AGGRIEVED BY THE ORDER , THE ASSESSEE HAS FILED AN APPE AL WITH THE CIT ( APPEALS). WHEREAS THE CIT ( APPEALS ) CONCURRED WITH THE ACTION OF THE ASSESSING OFFICER AND DISMISSED THE APPEAL. AGGRIEVED BY THE ORDER OF CIT(APPEALS), THE ASSESSEE HAS FILED AN APPEAL BEFORE THE TRIBUNAL. 4. AT THE TIME OF H EARING, THE LEARNED AUTHORIZED REPRESENTATIVE HAS FILED ADDITIONAL GROUNDS OF APPEAL FOR NON - ADJUDICATION OF GROUNDS OF APPEAL BY THE CIT ( APPEALS) AND FURTHER THE CONTENTION OF THE LEARNED AUTHORIZED REPRESENTATIVE THAT THE ASSESSING OFFICER HAS NOT REFER R ED THE MATTER TO THE VALUATION OFFICER ( DVO) AND PRAYED FOR ALLOWING THE APPEAL. CONTRA, THE LEARNED DEPARTMENTAL REPRESENTATIVE RELIED ON THE ORDERS OF CIT ( APPEALS). 5. WE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL ON RECO RD. PRIMA FA CIE, THE LEARNED AUTHORIZED REPRESENTATIVES SUBMISSIONS ARE THAT THE CIT ( APPEALS) HAS NOT ADJUDICATED THE GROUNDS OF APPEAL IN RESPECT OF PROVISIONS OF 4 ITA NO. 140/BANG/2019 SECTION 50C OF THE ACT AND REFERENCE TO THE DVO FOR DE TERMINING THE VALUE OF THE PROPERTY IN GROUND S OF APPEAL NOS. 5 TO 10 . WE FIND THAT, THERE ARE NO OBSERVATIONS OR FIND INGS OF THE CIT(APPEALS) ON THESE GROUNDS OF APPEAL AND ARE NOT ADJUDICATED. ACCORDINGLY, WE CONSIDER IT PROPER TO RESTORE THE ENTIRE DISPUTED ISSUES TO THE FILE OF CIT ( APPEALS ) FOR F RESH ADJUDICATION AND PASS A SPEAKING ORDER. THE ASSESSEE SHOULD BE PROVIDED ADEQUATE OPPORTUNITY OF HEARING AND SHALL CO - OPERATE IN SUBMITTING THE INFORMATION FOR EARLY DISPOSAL OF THE APPEAL . SINCE WE HAVE RESTORED THE ADDITION AL GROUNDS OF APPEAL TO THE FILE OF THE CIT(APPEALS), THE MERITS OF THE CASE ARE NOT DISCUSSED AND ALLOW THE GROUNDS OF APPEAL OF ASSESSEE FOR STATISTICAL PURPOSES. . 6. IN THE RESULT, THE ASSESSEE APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED ON THE CAPTION PAGE. S D / - S D / - ( A.K. GARODIA ) (PAVAN KUMAR GADALE) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 2 6 . 02 . 20 20 . *REDDY GP 5 ITA NO. 140/BANG/2019 COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. CIT (A) 4. PR. CIT 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME - TAX APPELLATE TRIBUNAL BANGALORE