Dr. Farrokh Framji Wadia, Pune V. Assistant Commissioner of Income-tax,

ITA 1856/PUN/2013

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 0942 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 11 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-09-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 20-09-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 14-10-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ANIL CHAWARE
• Keywords: Fair market value
• Section: 143(3)

Judgement Text

] ]] ] IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE , ! , # $ BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURV EDI, AM ITA NO.1856/PN/2013 ASSESSMENT YEAR : 2007-08 DR. FARROKH FRAMJI WADIA, 8, NAGAR ROAD, YERAWADA, PUNE 411 006. PAN : AACPW8799A . APPELLANT VS. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 5, PUNE. . RESPONDENT / APPELLANT BY : SHRI S. N. PURANIK / RESPONDENT BY : SHRI ANIL CHAWARE / DATE OF HEARING : 20.09.2016 / DATE OF PRONOUNCEMENT: 23.09.2016 % / ORDER PER ANIL CHATURVEDI, AM : THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS)-III, PUNE DATED 31.01.2012 FOR THE ASSESSMENT YEAR 2007-08. 2. THE RELEVANT FACTS AS CULLED OUT FROM THE MATERI ALS ON RECORD ARE AS UNDER :- 2.1 ASSESSEE IS A MEDICAL PRACTITIONER, WHO FILED H IS RETURN OF INCOME FOR ASSESSMENT YEAR 2007-08 ON 31.07.2007 DECLARING TOT AL INCOME OF RS.42,86,492/-. THE CASE WAS SELECTED FOR SCRUTINY AND THEREAFTER A SSESSMENT WAS FRAMED UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961 (IN SHOR T THE ACT) VIDE ORDER DATED 2 ITA NO.1856/PN/2013 30.12.2009 AND THE TOTAL INCOME WAS DETERMINED AT R S.1,50,86,963/-. AGGRIEVED BY THE ORDER OF ASSESSING OFFICER, ASSESSEE CARRIED THE MATTER BEFORE THE LD. CIT(A), WHO VIDE ORDER DATED 31.01.2012 IN APPEAL NO.PN/CIT (A)-III/CIRCLE-5,PN/951/09- 10/258 GRANTED PARTIAL RELIEF TO THE ASSESSEE. AGG RIEVED FURTHER BY THE ORDER OF LD. CIT(A), ASSESSEE IS NOW IN APPEAL BEFORE US AND HAS RAISED FOLLOWING GROUNDS :- 1. HONORABLE COMMISSIONER (APPEALS) HAS ERRED IN NOT C ONSIDERING THE FMV OF THE LAND AS ON 01/04/1981 AS SUBMITTED B Y ASSESSEE AND IN DIRECTING ASSESSING OFFICER TO ASCERTAIN FMV FROM R EGISTRATION OFFICE AS COMPARABLE INSTANCES. APPELLANT PRAYS TO DIRECT THE ASSESSING OFFICER TO ACCEPT THE VALUATION AS PER STAMP DUTY CIRCULAR. 2. WITHOUT PREJUDICE TO GROUND NO. 1, LOWER AUTHORI TIES ERRED IN NOT DEDUCTING THE FMV OF 2003 FROM THE SAID CONSIDERATI ON RECEIVED, FOR COMPUTATION OF CAPITAL GAIN. 3. APPELLANT PRAYS FOR JUST & EQUITABLE RELIEF. 4. APPELLANT PRAYS TO ADD, ALTER, AMEND, MODIFY, CL ARIFY AND / OR WITHDRAW THE GROUNDS DURING APPELLATE PROCEEDINGS A S THE ACCESSION MAY DEMAND. 3. BEFORE US, AT THE OUTSET, LD. AR SUBMITTED THAT AGAINST THE ADDITIONS THAT WERE MADE BY ASSESSING OFFICER, ASSESSEE HAD PREFERRED A N APPEAL BEFORE THE LD. CIT(A) WHEREIN LD. CIT(A) GRANTED RELIEF TO THE ASSESSEE A ND PURSUANT TO THE ORDER OF LD. CIT(A), ASSESSING OFFICER HAS ALSO PASSED ORDER GIV ING EFFECT TO THE APPEAL OF LD. CIT(A). HE POINTED TO THE RELEVANT ORDER, A COPY O F WHICH WAS SUBMITTED BY HIM. HE THEREFORE SUBMITTED THAT SINCE THE GRIEVANCE OF ASSESSEE HAS BEEN ADDRESSED, NO GRIEVANCE OF ASSESSEE AGAINST THE IMPUGNED ORDER THEREFORE SURVIVES. LD. DR DID NOT CONVERT THE SUBMISSIONS MADE BY LD. AR. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. WE FIND THAT AGAINST THE ADDITION MADE BY ASSESSING OFFICER, LD. CIT(A) HAD GRANTED RELIEF TO THE ASSESSEE. WE FURTHER FIND THAT ASSES SING OFFICER VIDE ORDER GIVING 3 ITA NO.1856/PN/2013 EFFECT TO THE LD. CIT(A)S ORDER BY ORDER DATED 11. 04.2016 HAS DETERMINED THE TOTAL REVISED INCOME AT RS.42,86,492/-, THE SAME INCOME T HAT WAS BEING FILED BY THE ASSESSEE. IN SUCH A SITUATION, WE ARE OF THE VIEW THAT THE GROUNDS RAISED BY ASSESSEE HAVE BEEN RENDERED ACADEMIC AND REQUIRES N O ADJUDICATION. WE, THEREFORE, DISMISS THE APPEAL OF THE ASSESSEE AS BE ING INFRUCTUOUS. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS DIS MISSED. ORDER PRONOUNCED ON THIS 23 RD DAY OF SEPTEMBER, 2016. SD/- SD/- ( SUSHMA CHOWLA ) ( ANIL CHATURVEDI ) / JUDICIAL MEMBER # / ACCOUNTANT MEMBER PUNE ; DATED : 23 RD SEPTEMBER, 2016. % & ' () *) ! COPY OF THE ORDER IS FORWARDED TO : 1) THE ASSESSEE; 2) THE DEPARTMENT; 3) THE CIT(A)-III, PUNE; 4) THE CIT-III, PUNE; 5) THE DR A BENCH, I.T.A.T., PUNE; 6) GUARD FILE. % / BY ORDER , '# //TRUE COPY// $ %&# '( / SR. PRIVATE SECRETARY ) '* + / ITAT, PUNE