Amit Kumar Sinha, Palamau V. DCIT,Circle-3, Ranchi

ITA 150/RAN/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8542 (ITAT-RANCHI)
• Duration Of Justice: 1 year(s) 3 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-07-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 29-03-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: A K MOHANTI
• Assessee Lawyers: C S PANDEY
• Keywords: Sale consideration of property below Jantri Value
• Section: 271(1)(c); 56(2)(vii)(b)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI E-COURTAT KOLKATA BEFORE SHRI S.S, GODARA, JM & DR. A.L. SAINI, AM ITA NO.150/RAN/2019 ASSESSMENT YEAR:2014-15 AMIT KUMAR SINHA NEAR POLICE LINE, SHANTIPURI, DALTONGANJ, PALAMAU, JHARKHAND-822101. / V/S . DCIT, CIRCLE-3, RANCHI PAN NO.BTTPS7121K /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI C. S. PANDEY, AR /BY RESPONDENT SHRI A.K. MOHANTI, ADDL. CIT /DATE OF HEARING 14-07-2020 /DATE OF PRONOUNCEMENT 14-07-2020 /O R D E R PER S. S. GODARA: THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15 ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS), RANCHIS ORDER DATED 18.12.2018 PASSED IN CASE NO.10062/RANCHI/2017-18 INVOLVING PROCEEDINGS U/S 271(1)(C) OF THE INCOME TAX ACT, 1961; (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERSUED. 2. IT TRANSPIRES AT THE OUTSET THAT THIS TRIBUNALS COORDINATE BENCH HAS RESTORED ASSESSEES QUANTUM APPEAL ITA NO.149/RAN/2019 BACK TO THE ASSESSING OFFICER FOR AFRESH ADJUDICATION OF SECTION 56(2)(VII)(B) ADDITION ISSUE AS PER LAW AFTER MAKING NECESSARY REFERENCE TO THE DVO U/S 50C(2) OF THE ACT. WE THEREFORE ARE OF THE VIEW THAT THE INSTANT LIS MUST ALSO FOLLOW THE SUIT SINCE INVOLVING CONSEQUENTIAL PENALTY ITA NO.150/RAN/2019 AMIT KUMAR SINHA ASSESSMENT YEAR:2014-15 PAGE 2 PROCEEDINGS. WE ORDER ACCORDINGLY. THE ASSESSING OFFICER SHALL TAKE THE NECESSARY CALL AFTER HIS QUANTUM ADJUDICATION IN ACCORDANCE WITH LAW. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 14/07/2020. SD/- SD/- (A. L. SAINI) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER KOLKATA; DATE: 14/07/2020 RS / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT- AMIT KUMAR SINHA 2. /RESPONDENT- DCIT, CIRCLE-3, RANCHI 3. / CONCERNED CIT 4. - / CIT (A) 5. , / DR, ITAT, 6. [ / GUARD FILE. //TRUE COPY// BY ORDER/ , SR. PRIVATE SECRETARY