Damodhar Reddy Sama, R.R.Dist V. Income Tax Officer, Ward-8(2), Hyderabad

ITA 1638/Hyd/2017

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 3102 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 1 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-11-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-A
• Assessment Year: 2008-2009
• Appeal Filed On: 25-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Sale consideration of property below Jantri Value; Set aside
• Section: 50C

Judgement Text

ITA NO 1638 OF 2017 SAMA DAMODHAR REDDY RR DISTT PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD (THROUGH VIDEO CONFERENCING) BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ITA NO.1638/HYD/2017 ASSESSMENT YEAR: 2008-09 SHRI DAMODHAR REDDY SAMA, R.R. DISTT. PAN:AFBPS6786B VS. INCOME TAX OFFICER WARD 8(2) HYDERABAD (APPELLANT) (RESPONDENT) ASSESSEE BY: SRI K.C. DEVDAS REVENUE BY : SRI SUNIL KUMAR PANDEY, DR DATE OF HEARING: 05/11/2020 DATE OF PRONOUNCEMENT: 05/11/2020 ORDER PER SMT. P. MADHAVI DEVI, J.M. THIS IS ASSESSEES APPEAL FOR THE A.Y 2008-09 AGAIN ST THE ORDER OF THE CIT (A)-2, HYDERABAD, DATED 21.07. 2017. 2. AT THE OUTSET, THE LEARNED COUNSEL FOR THE ASSES SEE SUBMITTED THAT THE ASSESSEE AND HIS WIFE WERE THE C O-OWNERS OF A PROPERTY WHICH WAS SOLD, ON WHICH THE CAPITAL GAIN HAS ARISEN AND THE AO HAD APPLIED THE PROVISIONS OF SECTION 50C TO THE TRANSACTIONS AND BROUGHT THE CAPITAL GAIN TO TAX. H E SUBMITTED THAT IN THE ASSESSEES WIFES CASE, THE TRIBUNAL HA D SET ASIDE THE ISSUE TO THE FILE OF THE CIT (A) AND THEREFORE, FOR UNIFORMITY OF DECISION, THIS APPEAL MAY ALSO BE SET ASIDE TO THE FILE OF THE CIT (A). 3. THE LEARNED DR WAS ALSO HEARD. ITA NO 1638 OF 2017 SAMA DAMODHAR REDDY RR DISTT PAGE 2 OF 2 4. HAVING GONE THROUGH THE DECISION OF THE ITAT IN THE CASE OF SMT.SAMA MAHESHWARI IN ITA NO.1637/HYD/2017 DATED 11.5.2018, THE ASSESSEES WIFE, WE DEEM IT FIT AND PROPER TO SET ASIDE THE ASSESSEES APPEAL ALSO TO THE FILE OF THE CIT (A) FOR RECONSIDERATION OF THE APPEAL IN ACCORDANCE WITH LA W AFTER AFFORDING REASONABLE OPPORTUNITY OF HEARING TO THE ASSESSEE. 5. IN THE RESULT, ASSESSEES APPEAL IS TREATED AS A LLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 5 TH NOVEMBER, 2020. SD/- SD/- (A. MOHAN ALANKAMONY) ACCOUNTANT MEMBER (P. MADHAVI DEVI) JUDICIAL MEMBER HYDERABAD, DATED 5 TH NOVEMBER, 2020. VINODAN/SPS COPY TO: 1 SHRI SAMA DAMODHAR REDDY C/O B. NARSING RAO & CO. C.A, PLOT NO.554, ROAD NO.92, JUBILEE HILLS, HYDERABAD 500096 2 ITO WARD 8(2) HYDERABAD 3 CIT (A)-2 HYDERABAD 4 PR. CIT 2 HYDERABAD 5 THE DR, ITAT HYDERABAD 6 GUARD FILE BY ORDER