SMT ANITA LODHA, Jaipur V. ITO, Jaipur

ITA 181/JPR/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 54294 (ITAT-JAIPUR)
• Duration Of Justice: 8 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-11-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 08-11-2011
• Assessment Year: 2005-2006
• Appeal Filed On: 01-03-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D K MEENA
• Section: 2

Judgement Text

1 ITA 181-11 IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH SMC JAIPUR BEFORE SHRI R.K. GUPTA, JUDICIAL MEMBER ITA NO. 181/JP/2011 ASSTT. YEAR : 2005-06. SMT. ANITA LODHA, VS. THE INCOME-TAX OFFICER, C/O M/S. KHANDELWAL SHARMA & CO., WARD 2(3), CHARTERED ACCOUNTANTS, JAIPUR. ANNAPURNA CHAMBER, OPP. RAILWAY STATION POST OFFICE, JAIPUR. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI MUKESH KHANDELWAL RESPONDENT BY : SHRI D.K. MEENA DATE OF HEARING : 08.11.2011. DATE OF PRONOUNCEMENT : 18.11.2011 ORDER DATE OF ORDER : 18/11/2011. THIS IS AN APPEAL BY ASSESSEE AGAINST THE ORDER OF LD. CIT (A) RELATING TO ASSESSMENT YEAR 2005-06. 2. THE ASSESSEE IS OBJECTING IN CONFIRMING THE APPL ICATION OF PROVISIONS OF SECTION 145(3) AND THEREAFTER ADDITION MADE @ 5% ON THE GRO SS TURNOVER. 3. THE AO NOTICED THAT ASSESSEE HAS SOLD 8 PROPERTI ES. OUT OF THESE, 6 PROPERTIES WERE SOLD ON AGREEMENT BASIS. IN ABSENCE OF DOCUME NTARY EVIDENCE OR PROOF, THE AO OBSERVED THAT IT CANNOT BE SAID THAT ASSESSEE HAS N OT RECEIVED SALE CONSIDERATION OVER AND ABOVE THE DISCLOSED SALE CONSIDERATION. THEREFORE, HE APPLIED PROVISIONS OF SECTION 2 145(3) AND THEREAFTER BY APPLYING 5% NP RATE ON SAL E PROCEEDS, HE COMPUTED PROFIT OF RS. 2,89,200/- AGAINST RS. 2,69,559/- DECLARED. THE LD . CIT (A) CONFIRMED THE ACTION OF THE AO. 4. AFTER CONSIDERING THE ORDERS OF THE AO AND LD. C IT (A) AND SUBMISSIONS, I FIND THAT THERE IS NO BASIS TO MAKE ADDITION BY INVOKING PROVISIONS OF SECTION 145(3). THERE IS NO EVIDENCE WITH THE AO THAT ASSESSEE HAS RECEIVED ANY AMOUNT OVER AND ABOVE SALE CONSIDERATION SHOWN. THE SALE CONSIDERATION WAS SH OWN AS PER AGREEMENT ENTERED. THEREFORE, THERE IS NO QUESTION OF INVOKING PROVISI ONS OF SECTION 145(3) OR APPLYING NP RATE OF 5% ON THE TURNOVER SHOWN. THEREFORE, I DIR ECT THE AO TO ACCEPT THE PROFIT SHOWN BY ASSESSEE AND DELETE THE ADDITION MADE BY HIM. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED . 6. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 18. 11.2011. SD/- ( R.K. GUPTA ) JUDICIAL MEMBER JAIPUR, D/- COPY FORWARDED TO :- SMT. ANITA LODHA, JAIPUR. THE ITO WARD 2(3), JAIPUR. THE CIT (A) THE CIT THE D/R GUARD FILE (ITA NO. 181/JP/2011) BY ORDER, AR ITAT JAIPUR. 3