Sushil Rajgarhia, Ranchi V. DCIT,Circle-3 , Ranchi

ITA 222/RAN/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 1744 (ITAT-RANCHI)
• Duration Of Justice: 8 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 09-07-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P K MONDAL
• Assessee Lawyers: M K CHOUDHARY
• Keywords: Sale consideration of property below Jantri Value; Capital asset
• Section: 143(3); 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI BENCH SMC, RANCHI BEFORE SH. S.S.GODARA, JUDICIAL MEMBER ITA NO.222/RAN/2018 [ASSESSMENT YEAR: 2014-15] SUSHIL RAJGARHIA, 1 ST FLOOR, SARJANA BUILDING, NEAR RAM MANDIR, RANCHI-834001. PAN-AAVPR7036A VS DCIT, CIRCLE-3, RANCHI. (APPELLANT) (RESPONDENT) APPELLANT BY SH. M.K.CHOUDHARY, ADV. RESPONDENT BY SH. P.K.MONDAL, JCIT DATE OF HEARING 10.01.2019 DATE OF PRONOUNCEMENT 15 .03 .2019 ORDER PER SH. S.S.GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR AY 2014-15 ARISES AGAINST THE ORDER DATED 23.05.2018 PASSED BY THE CIT(A), RANCHI IN APPEAL NO.CIT(A), RANCHI/10348/2016-17 IN PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES VENDORS SOLE SUBSTANTIVE GROUND CHALLENGES LOWER AUTHORITIES ACTION MAKING SECTION 50C ADDITION OF RS.5,10,000/- GOING BY STAMP VALUE OF THE RELEVANT CAPITAL ASSET. IT TRANSPIRES DURING THE COURSE OF HEARING THAT THEY HAVE NOT MADE ANY REFERENCE U/S 50C(2) OF THE ACT. THE REVENUE CONTENDS THAT NO SUCH PLEA HAD COME AT THE ASSESSEES BEHEST IN THE LOWER PROCEEDINGS. HONBLE CALCUTTA HIGH COURT IN SUNIL KUMAR AGGARWAL VS CIT [2015] 372 ITR 83 (CAL) HOLDS THAT SUCH A REFERENCE IS MANDATORY EVEN IF THE ASSESSEE HAS NOT RAISED SUCH A VALUATION PLEA. I THEREFORE RESTORE THE MATTER TO THE ASSESSING OFFICER FOR CONSEQUENTIAL ASSESSMENT AS PER LAW AFTER MAKING NECESSARY REFERENCE TO THE DVO U/S 50C(2) OF THE ACT. ITA NO.222/RAN/2018 [ASSESSMENT YEAR: 2014-15] PAGE | 2 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 15.03.2019. SD/- (S.S.GODARA) JUDICIAL MEMBER DATE:-15.03.2019 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- SUSHIL RAJGARHIA, 1 ST FLOOR, SARJANA BUILDING, NEAR RAM MANDIR, RANCHI-834001. 2. RESPONDENT- DCIT, CIRCLE-3, RANCHI. 3. CIT-RANCHI 4. CIT(APPEALS)-RANCHI 5. DR: ITAT-RANCHI BENCHES SR.P.S./H.O.O ITAT, RANCHI