Chillara Kalyan , Hyderabad V. Income Tax Officer, Ward-14(5), Hyderabad

ITA 1529/Hyd/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 8652 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 5 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-03-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB-B
• Assessment Year: 2015-2016
• Appeal Filed On: 11-10-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: Y.V.S.T. SAI
• Keywords: Valuation report

Judgement Text

ITA NO 1529 OF 2019 CHILLARA KALYAN HYDERABAD PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH, HYDERABAD (THROUGH VIDEO CONFERENCING) BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ITA NO.1529/HYD/2019 ASSESSMENT YEAR: 2015-16 SRI CHILLARA KALYAN HYDERABAD PAN:ACSPC2026Q VS. INCOME TAX OFFICER WARD14(5) HYDERABAD (APPELLANT) (RESPONDENT) ASSESSEE BY: SRI S. PHANINDRA FOR SHRI A.V. RAGHURAM REVENUE BY : SRI Y.V. S.T. SAI, CIT(DR) DATE OF HEARING: 22/03/2021 DATE OF PRONOUNCEMENT: 24/03/2021 ORDER PER SMT. P. MADHAVI DEVI, J.M. THIS IS ASSESSEES APPEAL FOR THE A.Y 2015-16 AGAIN ST THE ORDER OF THE CIT (A)-5, HYDERABAD, DATED 10.07. 2019. 2. AT THE OUTSET, THE LEARNED COUNSEL FOR THE ASSES SEE SUBMITTED A LETTER, DATED 9 TH MARCH, 2021 STATING AS UNDER: TO ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, HYDERABAD. SIR, SUB: REQUEST TO POST THE APPEAL OF SRI KALYAN CHILL ARA 'FOR WITHDRAWAL' FOR THE AY.2015-16 -REG .. REF: ITA.NO.1529/HYD/2019, POSTED FOR HEARING ON DT.17.05.2021 BEFORE THE HON'BLE ITAT, 'B' BENCH, HYDERABAD. ITA NO 1529 OF 2019 CHILLARA KALYAN HYDERABAD PAGE 2 OF 3 THE APPEAL IS FILED AGAINST THE ORDER OF CIT(A) CHA LLENGING THE INVOCATION OF PROVISIONS OF SECTION 56(2)(VII)( B) OF THE ACT AND SUSTAINING THE ADDITION OF RS.12,70,50,000 MADE BASED ON DIFFERENCE IN VALUE OF PROPERTY IN QUESTIO N MENTIONED IN AOS CUM GPA AND SRO RATE. THE CIT(A) I N HIS ORDER DIRECTED THE AO TO REFER THE VALUATION OF THE PROPERTY TO THE VALUATION CELL. ACCORDINGLY, THE AO REFERRED THE VALUATION OF THE PROPERTY IN QUESTION TO VALUAT ION CELL. THE VALUATION OFFICER HAS SUBMITTED HIS REPORT TO T HE AO VIDE REPORT DT.24.02.2020 AND THE AO PASSED CONSEQUENTIAL ORDER ON DT.17.03.2020 DELETING THE A DDITION OF RS.12,70,50,000. A COPY OF THE CONSEQUENTIAL ORD ER OF THE AO, DT,17.03.2020 IS ENCLOSED HEREWITH FOR THE KIND CONSIDERATION OF THE HON'BLE TRIBUNAL. IT IS SUBMITTED THAT THE ASSESSEE HAS ALREADY GOT R ELIEF SOUGHT IN THE PRESENT APPEAL IN THE CONSEQUENTIAL O RDER PASSED BY THE AO BASED ON VALUATION REPORT. IN VIEW OF THE ABOVE, HON'BLE TRIBUNAL MAY KINDLY G RANT LIBERTY TO THE ASSESSEE TO WITHDRAW THE PRESENT APP EAL. IT IS FURTHER PRAYED THAT THE HON'BLE TRIBUNAL MAY KINDLY ADVANCE THE DATE OF HEARING OF THE APPEAL AND POST THE SAME AT THE EARLIEST FOR WITHDRAWAL OF APPEAL AND O BLIGE. THANKING YOU, YOURS FAITHFULLY, SD/- (A.V. RAGHU RAM) ADVOCATE & TAX CONSULTANT 3. THE LEARNED DR HAS NO OBJECTION FOR WITHDRAWAL O F THIS APPEAL BY THE ASSESSEE. 4. IN VIEW OF THE SAME, THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 5. IN THE RESULT, ASSESSEES APPEAL IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 24 TH MARCH, 2021. SD/- SD/- (A. MOHAN ALANKAMONY) ACCOUNTANT MEMBER (P. MADHAVI DEVI) JUDICIAL MEMBER HYDERABAD, DATED 24 TH MARCH, 2021. VINODAN/SPS ITA NO 1529 OF 2019 CHILLARA KALYAN HYDERABAD PAGE 3 OF 3 COPY TO: 1 SHRI CHILLARA KALYAN, PLOT NO.31B, H.NO.G1, SRI H ARI NILAYAM, ROAD NO.5, JUBILEE HILLS, HYDERABAD 2 ITO WARD 14(5) HYDERABAD 3 CIT (A)-6 HYDERABAD 4 PR. CIT 6 HYDERABAD 5 THE DR, ITAT HYDERABAD 6 GUARD FILE BY ORDER