M Deepa Reddy, Hyderabad V. ITO., Ward-6(3), Hyderabad, Hyderabad

ITA 1706/HYD/2014

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 6621 (ITAT-HYDERABAD)
• Duration Of Justice: 6 year(s) 2 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-01-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-A
• Next Hearing Date: 20-01-2021
• Assessment Year: 2008-2009
• Appeal Filed On: 05-11-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Sale consideration of property below Jantri Value; Capital asset
• Section: 143(3); 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES : BENCH A HYDERABAD (THROUGH VIDEO CONFERENCE ) BEFORE SHRI S ATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. NO. 1 706 /HYD./ 2014 A.Y. : 20 08 - 09 SMT. M. DEEPA REDDY VS. INCOME TAX OFFICER HYDERABAD WARD 6 (3) HYDERABAD. [PAN: ADYPM1339H] (APPELLANT) (RESPONDENT) FOR ASSESSEE: SRI A. SRINIVAS, ADV. FOR REVENUE: SRI SUNIL KUMAR PANDEY, D.R. DATE OF HEARING : 20/01/2021 DATE OF PRONOUNCEMENT : 28 /01/2021 O R D E R PER BENCH THIS ASSESSEES APPEAL FOR A.Y. 2008 - 09 ARISE S FROM COMMISSIONER OF INCOME TAX (APPEALS) - IV [CIT(A) IN SHORT] HYDERABADS ORDER DATED 27.08.2014 IN CASE NO. 134/W - 6(3)/CIT(A) - IV/13 - 14 INVOLVING PROCEEDINGS U/S 143(3) R.W.S. 147 OF THE INCOME TAX ACT, 196 1 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. WE NOTICE DURING THE COURSE OF HEARING THAT THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE CANVASSED IN THE INSTANT APPEAL SEEKS TO REVERSE BOTH THE LOWER AUTHORITIES ACTION MAKING SHORT TERM CAPITAL GAIN S ADDITION OF RS.1,19,90,000/ - REGARDING TRANSFER OF HER CAPITAL ASSET IN ISSUE. SUFFICE TO SAY; LEARNED D EPARTMENTAL R EPRESENTATIVE FAILS TO DISPUTE THAT BOTH THE LOWER ITA NO. 1706/ HYD/ 14 AY : 2008 - 09 SMT. M. DEEPA REDDY 2 AUTHORITIES HAV E INVOKED SE C.50C OF THE ACT THEREBY ADOPTING SRO GUIDANCE VALUE OF CAPITAL ASSET OF RS.2,07,55,000/ - AS AGAINST THAT DECLARED RS.71,16,000/ - ; RESPECTIVELY WITHOUT MAKING NECESSARY STATUTORY REFERENCE U/S 50C (2) OF THE ACT. 2.1. MR.PANDEY AT THIS STAGE VEHEMENTLY CO NTENDED THAT NO SUCH PLEA OF DVOS REFERENCE HA D COME FROM ASSESSEES SIDE DURING THE COURSE OF SCRUTINY . WE FIND NO SUBSTANCE IN THE INSTANT ARGUMENT . CASE LAW SUNIL KUMAR AGARWAL VS. CIT (2014) 37 2 ITR 83 (CAL) HOLDS THAT IT IS MANDATORY FOR THE ASSE SSING OFFICER TO MAKE SEC.5 0 C S REFERENCE EVEN IF THE TAX PAYER HAS NO T OBJECTION (S) IN ASSESSMENT PROCEEDINGS. WE THEREFORE RESTORE THIS SOLE SUBSTANTIVE GRIEVANCE BACK TO THE FILE OF ASSESSING OFFICER FOR HIS FRESH ADJUDICATION. IT IS MADE CLEAR TH AT ASSESSEE SHALL BE AT LIBERTY TO RAISE ANY FACTUAL OR LEGAL PLEADINGS AS ARE AVAILABLE TO HER IN CONSEQUENTIAL PROCEEDINGS. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES IN ABOVE TERMS. PRONOUNCED IN OPEN COURT ON 28 TH JANUARY, 2021. SD/ - SD/ - (LAXMI PRASAD SAHU) (SATBEER SINGH GODARA) ACCOUNTANT MEMBER JUDICIA L MEMBER DATED: THE 28 TH JANUARY, 2021. * GMV COPY OF THE ORDER FORWARDED TO: 1. SMT. M. DEEPA REDDY, 8 - 2 - 26 9 /S/39, SAGAR SOCIETY, ROAD NO.2, BANJARA HILLS, HYDERABAD 500 034 . 2. ITO, WARD 6 (3), HYDERABAD. 3. ACIT, RANGE 6 , HYDERABAD 4. CIT(A) - IV , HYDERABAD. 5. PR.CIT HYDERABAD 6. DR, ITAT, HYDERABAD. 7. GUARD FILE.