SHRI S. ARULSELVAN, CHENNAI V. DCIT, WARD - 7 (1), CHENNAI

ITA 2333/CHNY/2019

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 3087 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-11-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: C
• Assessment Year: 2016-2017
• Appeal Filed On: 14-08-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Fair market value; Valuation report

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: CHENNAI , ! '!# $ , % BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ! ./ ITA NO.2332/CHNY/2019 & /ASSESSMENT YEAR: 2016-17 SMT. S. AKSHITHA NO.E-38, 3 RD STREET, ANNA NAGAR, CHENNAI 600 102 [PAN: BDUPA 7851H] VS. THE DEPUTY COMMISSIONER OF INCOME TAX, WARD 7(1) CHENNAI 600 034 ( ' /APPELLANT) ( ()' /RESPONDENT) ! ./ ITA NO.2333/CHNY/2019 & /ASSESSMENT YEAR: 2016-17 SHRI. ARULSELVAM NO.E-38, 3 RD STREET, ANNA NAGAR, CHENNAI 600 102 [PAN: AAIPA 5003H] VS. THE DEPUTY COMMISSIONER OF INCOME TAX, WARD 7(1) CHENNAI 600 034 ( ' /APPELLANT) ( ()' /RESPONDENT) ' * + / APPELLANT BY : SHRI S. SRIDHAR, ADVOCATE ()' * + /RESPONDENT BY : SHRI KANNAN NARAYANAN, JCIT , * -. /DATE OF HEARING : 19.11.2019 /0& * -. / DATE OF PRONOUNCEMENT : 19.11.2019 1 / O R D E R PER SHRI GEORGE MATHAN, JUDICIAL MEMBER : THESE ARE APPEALS FILED BY THE ASSESSEES DIRECTED A GAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (AP PEALS)-7, CHENNAI (HEREINAFTER CALLED AS CIT(A)) IN APPEALS NO. ITA NO.76/CIT(A)-7/2018- ITA NOS. 2332 & 2333/CHNY/2019 :- 2 -: 19 AND ITA NO.77/CIT(A)-7/2018-19 BOTH DATED 12.06. 2019 FOR THE ASSESSMENT YEAR 2016-17 IN THE CASE OF SMT. ARULSEL VAM AKSHITHA AND SHRI SOUNDARARAJAN ARULSELVAN RESPECTIVELY. 2. SHRI S. SRIDHAR, ADVOCATE REPRESENTED ON BEHALF OF THE ASSESSEE AND SHRI KANNAN NARAYANAN, JCIT REPRESENTED ON BEHALF O F THE REVENUE. 3. IT WAS SUBMITTED BY THE LEARNED AUTHORIZED REPRE SENTATIVE THAT IN GROUND NO.3, THE ASSESSEE HAS SPECIFICALLY CHALLENG ED THE ORDER OF THE LEARNED CIT(A) IN DISMISSING THE ASSESSEES APPEAL. IT WAS SUBMITTED THAT THE APPEAL OF THE LEARNED CIT(A) WAS ADJOURNED ON MULTI PLE OCCASIONS AT THE INSTANCE OF THE CHARTERED ACCOUNTANT FOR WANT OF VA LUATION REPORT OF THE DVO. IT WAS A SUBMISSION THAT EVEN AS ON TODAY, THE DVO S REPORT HAS NOT YET COME. IT WAS A SUBMISSION THAT HOWEVER, THE LEARNED CIT(A ) HAS DISMISSED THE ASSESSEES APPEAL. 4. THE LEARNED AUTHORIZED REPRESENTATIVE DREW OUR A TTENTION TO THE ORDER OF THE ASSESSING OFFICER, WHEREIN AT PAGE NO.4 IT H AS BEEN SPECIFICALLY MENTIONED THAT AS PER THE REQUEST OF THE ASSESSEE, THE CASE WAS REFERRED TO THE VALUATION CELL U/S.50(C)(2) OF THE INCOME TAX A CT, 1961 FOR VALUATION OF THE FAIR MARKET VALUE OF THE IMPUGNED PROPERTY AND THAT THE ORDER WAS SUBJECT TO RECTIFICATION ACCORDING TO THE REPORT OF THE VALUAT ION OFFICER. 5. IN REPLY, THE LEARNED DEPARTMENTAL REPRESENTATIV E VEHEMENTLY SUPPORTED THE ORDER OF THE ASSESSING OFFICER AND TH E COMMISSIONER OF INCOME TAX (APPEALS). ITA NOS. 2332 & 2333/CHNY/2019 :- 3 -: 6. WE HAVE CONSIDERED THE RIVAL SUBMISSION AND PERU SED THE MATERIALS AVAILABLE ON RECORD. 7. THE PERUSAL OF THE ORDER OF THE LEARNED CIT(A) S HOWS THAT IN PARA 6, THE LEARNED CIT(A) HAS RECORDED MULTIPLE OPPORTUNIT IES, WHEREIN IT IS ALLEGED THAT THE ASSESSEE HAS SOUGHT ADJOURNMENT. THE REVE NUE IS NOT ABLE TO PRODUCE ANY RECORD TO SHOW THAT THE DVOS REPORT CA LLED FOR U/S.50(C)(2) OF THE ACT HAS BEEN PRODUCED. WITHOUT THE SAID VALUATION REPORT, ADMITTEDLY THE HEARING OF THE ASSESSEES APPEAL WOULD BE IN FUTILI TY. THIS BEING SO, IN THE INTEREST OF JUSTICE, THE ISSUE IN THE APPEALS ARE R ESTORED TO THE FILE OF THE LEARNED CIT(A) FOR RE-ADJUDICATION AFTER RECEIPT OF THE VALUATION REPORT BY THE DVO U/S.50(C)(2) OF THE ACT. 8. IN THE RESULT, BOTH THE APPEALS FILED BY THE ASS ESSEES ARE PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THE 19 TH DAY OF NOVEMBER, 2019 IN CHENNAI. SD/- ( '!# $ ) (INTURI RAMA RAO) . /ACCOUNTANT MEMBER SD/- ( ) (GEORGE MATHAN) /JUDICIAL MEMBER /CHENNAI, 2! /DATED: 19 TH NOVEMBER, 2019 . IA, SR. P.S 1 * (-34 54&- /COPY TO: 1. ' /APPELLANT 2. ()' /RESPONDENT 3. , 6- ( )/CIT(A) 4. , 6- /CIT 5. 4 78 (- /DR 6. 89 : /GF