ITO 2(2)(4), MUMBAI V. PHOTOGRAVURS (INDIA) P. LTD, MUMBAI

ITA 1525/MUM/2014

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 2385 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-11-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2010-2011
• Appeal Filed On: 05-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH C, MUMBAI BEFORE SHRI R.C.SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA NO.1525/MUM/2014 ASSESSMENT YEAR: 2010-11 IT O - 2(2)(4) , R. NO. 542, 5 TH FLOOR, AAYAKAR BHAVAN, MUMBAI-400020 VS. M/S PHOTOGRAVOURS (INDIA) PVT. LTD., 21, SETH CHAMBERS, DR. V.B. GANDHI MARG, FORT, MUMBAI-400023 PAN: AAACP4088L (APPELLANT) (RESPONDENT) REVENUE BY : SHRI NIMESH YADAV (DR) ASSESSEE BY : SHRI JITENDRA SINGH, MISS. NEHA PARANJPE DATE OF HEARING : 24.08.2015 DATE OF PRONOUNCEMENT : 20.11.2015 O R D E R PER PAWAN SINGH, JM: 1. THE APPEAL HAS BEEN FILED BY THE REVENUE AGAINST TH E ORDER OF CIT(A)-5, MUMBAI DATED 12.12.2013 IN RESPECT OF ASSESSMENT YEAR (AY) 2010-11 ON THE FOLLOWING GROUNDS OF APPEAL: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE A ND IN LAW THE LD. CIT(A) ERRED IN ALLOWING ASSESSEES APPEAL WITHOUT ADJUDIC ATING THE DETAILED EVIDENCES GATHERED BY THE AO. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE A ND IN LAW THE LD. CIT(A) ERRED IN DIRECTING THE AO TO COMPUTE THE INCOME FRO M HOUSE PROPERTY ON THE BASIS OF MUNICIPAL RETAIL VALUE EVEN THOUGH THE PREVAILING MARKET VALUE IN THAT AREA WAS MUCH HIGHER. 2 ITA NO. 1525/M/2014 M/S PHOTOGRAVOURS (INDIA) PVT. LTD . 3. FOR THESE AND OTHER GROUNDS THAT MAY BE URGED AT TH E TIME OF HEARING, THE DECISION OF THE CIT(A) MAY BE SET ASIDE AND THAT OF THE AO RESTORED. 2. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE F ILED ITS RETURN OF INCOME ON 28.09.2010 FOR AY-2010-11 DECLARING TOTAL INCOME OF RS. NIL. THE RETURN OF INCOME WAS PROCESSED U/S 143(1) OF THE ACT. STATUTO RY NOTICE WAS SERVED AND AFTER GIVING AN OPPORTUNITY, THE ASSESSING OFFICER (AO) MADE THE DISALLOWANCE OF RS. 2,96,464/- OF ACCOUNT OF ESTIMATION OF INCOME A ND FURTHER A SUM OF RS. 5,02.20,000/- ON ACCOUNT OF INCOME FROM HOUSE PROP ERTY BY INVOKING PROVISION OF SECTION 23(1)(A), AGAINST WHICH AN APPEAL WAS FI LED BEFORE THE CIT(A) AND IN THE APPEAL BOTH THE ADDITIONS WERE DELETED BY THE C IT(A) IN THE IMPUGNED ORDER DATED 28.11.2013, AGAINST WHICH THE PRESENT APPEAL IS FILED BEFORE US CHALLENGING THE ORDER OF CIT(A) ONLY IN RESPECT OF ADDITION ON ACCOUNT OF INCOME FROM HOUSE PROPERTY ON THE BASIS OF MUNICIPAL RETAIL VALUE. 3. WE HAVE HEARD THE AUTHORIZED REPRESENTATIVE (AR) OF THE PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. THE LD. AR OF THE ASSESSEE HAS RELIED UPON THE ORDER OF AO. THE AR OF THE ASSESSEE HAS ARGUED THAT SIMILAR ADDITIONS WERE MADE IN RESPECT OF INCOME FROM HOUSE PROPERTY IN AY-2007-08 AGAINST WHICH AN APPEAL WAS FILED BEFORE THE CO-ORDINATE BENCH OF THIS TRIBUNAL WHICH WAS REGISTERED AS ITA NO. 1813/MUM/2011, AND THE SAME W AS ALLOWED VIDE ORDER DATED 27.04.2011, AGAINST WHICH THE REVENUE HAS PRE FERRED AN APPEAL BEFORE THE HONBLE JURISDICTIONAL HIGH COURT BEING ITA NO. 1472 OF 2012 AND THE SAME WAS DISMISSED. THE LD. AR FOR ASSESSEE HAS ALREADY PLACED ON RECORD THE COPY OF THE DECISION OF CO-ORDINATE BENCH OF ITAT AND H ONBLE HIGH COURT. 4. LD. AR OF THE ASSESSEE FURTHER ARGUED THAT THE ISSU E RAISED BY THE REVENUE IN THE PRESENT APPEAL IS SQUARELY COVERED BY THE ORDER OF CO-ORDINATE BENCH IN ITA 3 ITA NO. 1525/M/2014 M/S PHOTOGRAVOURS (INDIA) PVT. LTD . NO. 1813/MUM/2011 WHICH WAS SUBSEQUENTLY APPROVED B Y HONBLE JURISDICTIONAL HIGH COURT. 5. WE HAVE PERUSED THE ORDER PLACED ON RECORD AND AF TER GOING THROUGH THE SAME WE ARE OF THE CONSIDERED OPINION THAT THE ISSUE RAI SED IN THE PRESENT APPEAL IS SQUARELY COVERED BY THE JUDGMENT OF CO-ORDINATE BEN CH AS WELL AS BY THE JURISDICTIONAL HIGH COURT AND RESPECTFULLY FOLLOWIN G THE CONCURRENT FINDING, WE DO NOT FIND ANY ILLEGALITY IN THE ORDER OF CIT(A) DATE D 12.12.2013, HENCE THE APPEAL FILED BY THE REVENUE IS DISMISSED. 6. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DISMI SSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 20 TH NOVEMBER 2015. SD/- SD/- (R.C.SHARMA) (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI; DATED 20/11/2015 S.K.PS COPY OF THE ORDER FORWARDED TO : BY ORDER, (ASSTT.REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY/