ACIT, Coimbatore V. M/s. Sri Balasubramania Mills Ltd., Coimbatore

ITA 2206/CHNY/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 0835 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-02-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 06-12-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR S MOHARANA IRS
• Assessee Lawyers: K BALASUBRAMANIAM
• Keywords: Fair market value

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI BEFORE DR. O.K. NARAYANAN, VICE-PRESIDENT AND SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A.NO. 2206/MDS/2012 AND C.O.NO.9/MDS/2013 (IN ITA NO.2206/MDS/12) ASSESSMENT YEAR : 2008-09 THE ASSISTANT COMMISSIONER OF INCOME-TAX, COMPANY CIRCLE-I(1), COIMBATORE. VS. M/S. SRI BALASUBRAMANIA MILLS LTD., NO.3303, UPPILIPALAYAM, COIMBATORE 15. PAN AADCS1887K (APPELLANT) (RESPONDENT/CROSS OBJECTOR) APPELLANT BY : DR. S. MOHARANA, IRS, CIT RESPONDENT BY : SHRI K. BALASUBRAMANIAM, CA DATE OF HEARING : 12 TH FEBRUARY, 2013 DATE OF PRONOUNCEMENT : 12 TH FEBRUARY, 2013 O R D E R PER DR. O.K. NARAYANAN, VICE-PRESIDENT THIS APPEAL IS FILED BY THE REVENUE. THE CROSS OBJ ECTION IS FILED BY THE ASSESSEE. THE APPEAL AND THE CROSS OB JECTION RELATE TO THE ASSESSMENT YEAR 2008-09. THEY ARE DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX(APPEALS)-I AT ITA 2206/12 & C0 9/13 :- 2 -: COIMBATORE, DATED 12.9.2012 AND ARISE OUT OF THE AS SESSMENT COMPLETED UNDER SEC.143(3), READ WITH SEC.147 OF T HE INCOME-TAX ACT, 1961. 2. THERE IS A DELAY OF THREE DAYS IN FILING THIS AP PEAL BY THE REVENUE. FOR THE REASONS STATED IN THE AFFIDAVIT F ILED BEFORE US, WE ALLOW THE PETITION AND ACCORDINGLY, CONDONE THE DELAY CAUSED IN FILING THE APPEAL. 3. IN THE PRESENT CASE, THE COMMISSIONER OF INCOME- TAX(APPEALS) HAS DETERMINED THE FAIR MARKET VALUE O F THE PROPERTY SOLD BY THE ASSESSEE AT ` 17,000/- PER CENT, AS DETERMINED BY THE INCOME-TAX APPELLATE TRIBUNAL, C BENCH CHENNAI TH ROUGH THEIR ORDER DATED 15.11.2011, RELATING TO THE ASSESSMENT YEAR 2007-08, IN ASSESSEES OWN CASE. IN THE LIGHT OF THE SAID O RDER OF THE COMMISSIONER OF INCOME-TAX(APPEALS), THE CONTENTION OF THE REVENUE IS THAT THE TRIBUNAL HAS OBSERVED FOR THAT ASSESSMENT YEAR THAT THERE WAS NO GUIDELINE VALUE IN THE CONCE RNED SUB- REGISTRARS OFFICE AS ON 1.4.1981 WITH REFERENCE TO THE PROPERTY SOLD BY THE ASSESSEE. BUT, IN THE PRESENT CASE, TH E SUB- ITA 2206/12 & C0 9/13 :- 3 -: REGISTRARS OFFICE, SINGANALLUR HAS GIVEN THE GUIDE LINE VALUE FOR THE PROPERTY AS ON 1.4.1981. 4. BUT, WE HAVE TO SEE THAT THE FAIR MARKET VALUE A S ON 1.4.1981 CANNOT BE DIFFERENT FOR TECHNICAL REASONS. THE TRIBUNAL DECIDED THE FAIR MARKET VALUE FOR THE ASSESSMENT YE AR 2007-08 AT ` 17,000/- PER CENT AS ON 1.4.1981, AFTER CONSIDERIN G ALL THE RELEVANT FACTS. THE ABSENCE OF FAIR MARKET VALUE IN THE SUB- REGISTRARS OFFICE WAS ONLY ONE OF THE REASONS. ON LY ON THAT TECHNICALITY, WE CANNOT DEVIATE FROM OUR EARLIER FI NDING AND, THEREFORE, WE UPHOLD THE ORDER OF THE COMMISSIONER OF INCOME- TAX(APPEALS) FIXING THE FAIR MARKET VALUE OF THE PR OPERTY AT ` 17,000/- PER CENT AS ON 1.4.1981. 5. THE APPEAL FILED BY THE REVENUE IS LIABLE TO BE DISMISSED. 6. IN VIEW OF THE ABOVE, THE CROSS OBJECTION FILED BY THE ASSESSEE HAS BECOME INFRUCTUOUS. 7. IN RESULT, THE APPEAL AS WELL AS THE CROSS OBJEC TION ARE DISMISSED. ITA 2206/12 & C0 9/13 :- 4 -: ORDERS PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON TUESDAY, THE 12 TH OF FEBRUARY, 2013 AT CHENNAI. SD/- SD/- (S.S.GODARA) (D R.O.K.NARAYANAN) JUDICIAL MEMBER VICE-PRESIDENT CHENNAI, DATED THE 12 TH FEBRUARY, 2013 MPO* COPY TO : APPELLANT/RESPONDENT/CIT/CIT(A)/DR