Asst. Commissioner of Income Tax, Circle-9(1), Hyderabad V. Meka Janakiram & Others, Hyderabad

ITA 1539/Hyd/2017

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 5374 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 8 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-B
• Next Hearing Date: 07-04-2021
• Assessment Year: 2006-2007
• Appeal Filed On: 04-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROHITH MAJUMDAR
• Keywords: Sale consideration of property below Jantri Value; Value adopted by valuation officer; Capital asset; Capital Gains
• Section: 143(3); 50C; 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH, HYDERABAD. BEFORE SHRI SATVEER SINGH GODARA , JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER (T HROUGH V IDEO CONFERENCE ) ITA NO. 1539 /HYD/201 7 (ASSESSMENT YEAR : 20 06 - 07 ) ASST. COMMISSIONER OF INCOME TAX, CIRCLE 9(1), HYDERABAD. VS. M/S. MEKA JANAKIRAM & OTHERS, 23 - 18, SRIRAM NAGAR, GADDIANNARAM, DILSUKHNAGAR, HYDERABAD. PAN AAKFM 0800A APPELLANT RESPONDENT APPELLANT BY : SHRI ROHITH MAJUMDAR (D.R.) RESPONDENT BY : SHRI Y. RATNAKAR. DATE OF HEARING : 7.4. 2021. DATE OF PRONOUNCEMENT : 06. 0 5 .2 021. O R D E R PER SHRI S.S. GODARA, J.M. : THIS REVENUE S APPEAL FOR ASST. YEAR 20 06 - 07 ARISES FROM THE COMMISSIONER OF INCOME TAX (APPEALS) - 1 7 HYDERABAD S ORDER DT. 5.5.2017 PASSED IN CASE NO. 0507/CIT(A) - 7/2016 - 17 IN PROCEEDINGS UNDER SECTION 143(3) R.W.S. 254 OF INCOME TAX ACT, 1961 (THE ACT). HEARD BOTH THE PARTIES . C ASE FIL E PERUSED. 2. COMING TO THE REVENUES SOLE SUBSTANTIVE GROUND SEEKING TO REVIVE THE ASSESSING OFFICERS ACTION MAKING LONG TERM CAPITAL GAINS (LTCG) ADDITION OF RS.11,34,93,000 AS PER DEPARTMENT VALUATION OFFICER (DVOS) 2 ITA NO. 1539 / HYD / 2017 REPORT AFTER INVOKING SECTI O N 50C O F THE ACT, BOTH THE LEARNED REPRESENTATIVES TOOK US TO THE CIT(APPEALS) ORDER DELETING THE SAME AS UNDER : 3 ITA NO. 1539 / HYD / 2017 4 ITA NO. 1539 / HYD / 2017 5 ITA NO. 1539 / HYD / 2017 6 ITA NO. 1539 / HYD / 2017 7 ITA NO. 1539 / HYD / 2017 8 ITA NO. 1539 / HYD / 2017 9 ITA NO. 1539 / HYD / 2017 10 ITA NO. 1539 / HYD / 2017 11 ITA NO. 1539 / HYD / 2017 12 ITA NO. 1539 / HYD / 2017 13 ITA NO. 1539 / HYD / 2017 3. WE HAVE GIVEN OUR THOUGHTFUL CONSIDERATION TO RIVAL PLEADINGS AGAINST AND IN SUPPORT OF CIT(APPEALS) FOREGOING DETAILED DISCUSSION DELETING THE IMPUGNED ADDITION. THE REVENUES CASE AS PER THE ASSESSING OFFICERS STAND IS THAT THE DVOS REPORT HEREIN HAD DETERMINED FINAL VALUATION OF THE ASSESSEE'S PROPERTY AND THE SAME OUGHT NOT TO HAVE BEEN DISTURBED IN THE CIT(APPEALS) ORDER KEEPING IN MIND ALL THE CORROBORATING MATERIAL FACT S. WE FIND NO SUBSTANCE IN THE FOREGOING ARGUMENT OF REVENUE FOR THE CLINC HING REASON THAT THE RELEVANT CAPITAL ASSET HEREIN IS SITUATED IN INDUSTRIAL AREA DEVELOPED BY APIIC (A STATE GOVERNMENT BODY ITSELF) CARRYING NECESSARY IN - BUILT CONDITIONS REGARDING THE PROPOSED ACTIVITY TO BE CARRIED OUT THEREUPON. THE SAID ASSET COULD ONLY BE USED FOR INDUSTRIAL AND OTHER SPECIFIED PURPOSES IN AN INSTITUTIONAL / INDUSTRIAL AREA OTHERWISE THEREFORE . LE ARNED DEPARTMENT 14 ITA NO. 1539 / HYD / 2017 REPRESENTATIVE FAILED TO DISPUTE THAT THE DVO REPORT THEREIN HAS NOT TAKEN INTO CONSIDERATION THE SAME AS HE HAD GONE BY OTHER CONSIDERATION REGARDING PLOT SIZE, LOCATION, APPROACH FR O M THE MAIN ROAD AND NATURE OF THE L OCALITY ONLY . IT IS FURTHER EVIDENT THAT THE CIT(APPEALS) HAS ALREADY ADOPTED TWICE THE SPECIFIED VALUE FIXED BY M/S. APIIC VALUE FOR INDUSTRIAL PLOTS AND STILL THE SAME COMES TO RS.8,91,93,400 AS AGAINST THE DECLARED SUM OF RS.9,06,00,000. WE THUS FIND NO REASON TO INTERFERE WITH THE CIT(APPEALS) CONCLUSION UNDER CHALLENGE DELETING THE IMPUGNED ADDITION. 4. NO OTHER ARGUMENT HA S BEEN RAISED BEFORE US. 5. THIS REVENUES APPEAL IS DISMISSED IN ABOVE TERMS . O RDER PRONOUNCED IN THE OPEN COURT ON 6TH M AY , 2021. SD/ - SD/ - ( LAXMI PRASAD SAHU ) (S ATBEER SINGH G ODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DT. 06 .0 5 .2021. * REDDY GP 15 ITA NO. 1539 / HYD / 2017 COPY TO : 1. M/S. MEKA JANAKIRAM & OTHERS, 23 - 18, SRIRAM NAGAR, GADDIANNARAM, DILSUKHNAGAR, HYDERABAD. 2. ACIT, CIRCLE 9(1), HYDERABAD. 3. PR. C I T - 7 , HYDERABAD. 4. CIT(APPEALS) - 7, HYDERABAD. 5. DR, ITAT, HYDERABAD. 6. GUARD FILE. BY ORDER SR. PVT. SECRETARY, ITAT, HYDERABAD.