Income Tax Officer, Ward-11(1), Hyderabad V. Uma Engineering Works, Hyderabad

ITA 1577/Hyd/2018

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 9466 (ITAT-HYDERABAD)
• Duration Of Justice: 2 year(s) 7 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-A
• Assessment Year: 2013-2014
• Appeal Filed On: 19-07-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUNIL KUMAR PANDEY
• Keywords: Sale consideration of property below Jantri Value; Additional evidence; Capital Gains
• Section: 143(3); 50C; 201

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD (THROUGH VIDEO CONFERENCING) BEFORE S HRI S.S. GODARA , JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER ITA NO. 1 577 / HYD/201 8 ASSESSMENT YEAR: 201 3 - 14 I.T.O. WARD 1 1(1) HYDERABAD VS. M/S UMA ENGINEERING WORKS HYDERABAD [PAN: AA AFU6557A ] ( APPELLANT) (RESPONDENT) REVENUE BY: SRI SUNIL KUMAR PANDEY, DR ASSESSEE BY: NONE . DATE OF HEARING: 02 / 02 / 2021 DATE OF PRONOUNCEMENT: 15 /03/ 20 21 ORDER PER S.S. GODARA, JM THIS REVENUES APPEAL IS DIRECTED AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS) 5 [CIT(A) FOR SHORT] , HYDERABADS ORDER DATED 1 7.05.2018 IN CASE NO. 0 501 / CIT(A) - 5 ,HYD/2016 - 17 FOR A.Y . 201 3 - 14 PASSED IN PROCEEDINGS U/S 143(3) R.W.S. 147 OF THE INCOME TAX ACT, 1961 [ THE ACT FOR SHORT]. ITA 1577/HYD/18 AY 2013 - 14 M/S UMA ENGINEERING WORKS, HYD. 2 CASE CALLED TWICE. NONE APPEARED ON BEHALF OF ASSESSEE. HEARD SRI SUNIL KUMAR PANDEY, LD.DR ON BEHALF OF REVENUE. CASE FILE PERUSED. 2. THE REVENUE HAS RAISED THE FOLLOWING SUBSTANTIVE GROUNDS IN THE INSTANT APPEAL . 1. THE LD.CIT(A) HAS ERRED BOTH IN LAW AND ON FACTS OF THE CASE. 2. THE LD.CIT(A) HAS ERRED IN ALLOWING THE APPEAL OF THE ASSESSEE AND DIRECTING THE ASSESSING OFFICER TO REWORK THE LONG TERM CAPITAL GAINS BY SUBMITTING THE VALUE OF SALE CONSIDERATION AT RS.7,90,00,000/ - IGNORING THE PROVISIONS OF SECTION 50C ACCORDING TO WHICH THE VALUE ADOPTED BY ANY AUTHORITY OF A STATE GOVERNMENT FOR THE PURPOSE OF PAYMENT OF STAMP DUTY VIZ., RS.13,26,60,000/ - SHALL BE DEEMED TO BE THE FULL VALUE OF THE CONSIDERATION RECEIVED OR ACCRUING AS A RESULT OF SUCH TRANSFER. 3. MR. PANDEY TOOK US TO CIT(A)S DETAILED DISCUSSION INTER ALIA TA KING INTO CONSIDERATION THE ASSESSING OFFICERS FINDINGS TO THE ASSESSEES SUBMISSIONS, ADDITIONAL EVIDENCE AND REMAND REPORT COMING FROM ASSESSING AUTHORITYS END AT PAGES 4 TO 16 OF CIT(A)S ORDER AND CONTENDED THAT THE LOWER AUTHORITIES WERE ERRED IN A LLOWING THE APPEAL. 4. SUFFICE TO SAY; IT HAS COME ON RECORD AT THE OUTSET THAT ASSESSEES SALE PRICE OF RS.7,90,00,000/ - IS ALREADY MORE THAN THE STAMP DUTY VALUE OF RS.6,63,30,000/ - WHICH FORM ED THE VERY BASIS OF THE IMPUGNED ADDITION OF LONG TERM CAPITAL GAIN S . MR. PANDEY FAILS TO DISPUTE THAT SECTION 50C OF THE ACT COMES INTO PLAY ITA 1577/HYD/18 AY 2013 - 14 M/S UMA ENGINEERING WORKS, HYD. 3 ONLY IN CASE THE ASSESSEE RECEIVES THE CONSIDERATION LESS THAN THE STAMP PRICE AND NOT OTHERWISE. WE THUS DECLINE R EVENUES INSTANT SOLE SUBSTANTIVE GROUND FOR THIS PRECISE REASON ALONE. T HIS REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH MARCH, 2021 . SD/ - SD/ - ( L.P. SAHU ) ACCOUNTANT MEMBER (S. S. GODARA) JUDICIAL MEMBER HYDERABAD, DATED 15 TH MARCH, 2021 . * GMV COPY TO: 1 M/S UMA ENGINEERING WORKS, B - 64, A.P.INDUSTRIAL ESTATE, BALANAGAR, HYD ERABAD 500 0 37 , TELANGANA. 2 ITO, WARD 11(1), HYDERABAD. A CIT, RANGE 1 1, HYDERABAD 3 CIT (A) - 5 HYDERABAD 4 PR. CIT - 5 , HYDERABAD 5 THE DR, ITAT HYDERABAD 6 GUARD FILE