Ravindar Reddy Palle, Hyderabad V. Income Tax Officer, Ward-9(4), Hyderabad

ITA 207/Hyd/2020

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 5431 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 7 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-09-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Next Hearing Date: 13-09-2021
• Assessment Year: 2016-2017
• Appeal Filed On: 17-02-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M. SWAROOP
• Assessee Lawyers: MADHUSUDAN MANNAVA
• Section: 56(2)(vii)(b); 201; 207; 43; 20

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH, HYDERABAD. BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI L. P. SAHU, ACCOUNTANT MEMBER (THROUGH VIRTUAL HEARING) ITA NO. 207 /HYD/20 20 ASSESSMENT YEAR : 201 6 - 17 SRI RAVINDAR REDDY PALLE VS ITO, WARD 9(4) HYDERABAD HYDERABAD [PAN: AHMPP 1316 M ] [APPELLANT] [RESPONDENT] APPELLANT BY : SHRI MADHUSUDAN MANNAVA, DR RESPONDENT BY : SHRI M. SWAROOP, D R DATE OF HEARING : 13/09/ 2021. DATE OF PRONOUNCEMENT : 21 / 0 9/ 2021. O R D E R PER SHRI S.S. GODARA, J.M. : THIS ASESSEES APPEAL FOR ASST. YEAR 201 6 - 17 ARISES FROM THE COMMISSIONER OF INCOME TAX (APPEALS) - 7 , HYDERABAD S ORDER DT. 11.12.2019 PASSED IN CASE NO. 140 /201 8 - 19 IN PROCEEDINGS UNDER SECTION 1 43 ( 3) OF INC OME TAX ACT, 1961 (THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. COMING TO ASSESSEES SOLE SUBSTANTIVE GRIEVANCE IN THE INSTANT APPEAL SEEKING TO REVERSE BOTH THE LOWER AUTHORITIES ACTION MAKING SEC . 56(2)(VII)(B) ADDITION OF RS 12 ,22,500/ - IN THE COURSE OF 2 ITA NO. 207 /HYD/20 20 RAVINDER REDDY PALLE, HYD. ASSESSMENT DATED 15 . 12 . 2018 A N D UPHELD IN CIT(A)S ORDER, WE NOTE THAT THE SAME REPRESENTS DIFFERENCE BETWEEN HIS PURCHASE CONSIDERATION OF RS.61,12,500 AND SRO VALUE OF RS. 73,35,000/ - QUA THE REGISTERED DEED DATED 28.01.2016; RESPECTIVELY. 3. LEARNED DR FAILS TO REBUT THE CLINCHING FACT THAT THE LOWER AUTHORITIES HA VE NOT MADE ANY REFERENCE TO THE DVO U/S 56(2)(V II) FIRST PROVISO; APPLICABLE IN CASE OF AN IMMOVABLE PROPERTY TRANSACTION, WHICH IS PARA MATERIA TO SEC.50 (C) (2) WHEREIN CASE LAW CIT VS SUNIL KUMAR A GARWAL (2014) 372 ITR 83 (CALCUTTA) HOLDS THAT SUCH A REFERENCE IS MANDATORY EVEN IF THE ASSESSEE CONCE RNED DOES NOT RAISE ANY SUCH PRAYER. WE, THEREFORE, REMIT THE INSTANT ISSUE BACK TO THE ASSESSING OFFICER FOR HIS APPROPRIATE ADJUDICATION AFTER MAKING THE STATUTORY REFERENCE TO THE DVO AS PER LAW. 4. T HIS ASSESSEES APPEAL IS ALLOWE D FOR STATISTIC AL PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 21 ST SEPTEMBER, 2021. SD/ - SD/ - (L.P. SAHU) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DT. 21 .0 9 .2021. * GMV COPY TO : 1. SRI RAVINDAR REDDY PALLE, 115, FORTUNE CASA PALACE, ROAD NO.1, DOCTORS COLONY, SAROOR NAGAR, HYDERABAD 2 . I T O, WARD 9(4), HYDERABAD 3 . ACIT, RANGE 9, HYDERABAD 4 . CIT(A) - 7 , HYDERABAD. 5 PR. CIT 7 , HYDERABAD. 6 . DR, ITAT, HYDERABAD. 7 . GUARD FILE. 3 ITA NO. 207 /HYD/20 20 RAVINDER REDDY PALLE, HYD. DESCRIPTION DATE INITIALS 1. DRAFT DICTATED ON 2. DRAFT PLACED BEFORE AUTHOR 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 4. DRAFT DISCUSSED / APPROVED BY SECOND MEMBER 5. APPROVED DRAFT COMES TO THE SR.P.S./P.S. 6. KEPT FOR PRONOUNCEMENT ON 7. FILE SENT TO THE BENCH CLERK 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER