EMERSON PROCESS MANAGEMENT (I) P.LTD, MUMBAI V. DCIT CIR 3(1), MUMBAI

ITA 2408/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 93147 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 3 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-07-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 08-07-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 28-03-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP
• Assessee Lawyers: PALLAVI TALAVLIKAR
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH E, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA NO.2408/M/2013 ASSESSMENT YEAR: 2008-09 M/S. EMERSON PROCESS MANAGEMENT (INDIA) PVT. LTD., DELPHI B WING, 601 & 602 CENTRAL AVENUE, HIRANANDANI BUSINESS PARK, POWAI, MUMBAI 400 020 PAN: AAACF 1667M VS. DY. COMMISSIONER OF INCOME TAX, CIRCLE 3(1) AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400020 (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : MS. PALLAVI TALAVLIKAR, A.R. REVENUE BY : SHRI NEIL PHILIP, D.R. DATE OF HEARING : 08.07.2015 DATE OF PRONOUNCEMENT : 08.07.2015 O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 15.01.2013 OF THE COMMISSIONER OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS THE CIT(A)] RELEVANT TO ASSESSMENT Y EAR 2008-09. 2. THE ASSESSEE HAS TAKEN THE FOLLOWING GROUNDS OF APPEAL: 1.1 ON THE FACTS AND CIRCUMSTANCES OF THE CASE AN D IN LAW, THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS)-6, MUMBAI, ERR ED, IN CONFIRMING THE ACTION OF THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-3(1), MUMBAI ('AO') IN ENHANCING THE VALUE O F CONSIDERATION UNDER SECTION 50 OF THE INCOME-TAX ACT, 1961 ('THE ACT') BY SUBSTITUTING THE MARKET VALUE AS PER STAMP AUTHORITIES AS PER THE PR OVISIONS OF SECTION 50C OF THE ACT. ITA NO.2408/M/2013 M/S. EMERSON PROCESS MANAGEMENT (INDIA) PVT. LTD. 2 1.2 THE ASSESSEE PRAYS THAT THE AO BE DIRECTED TO COMPUTE THE SHORT TERM CAPITAL GAIN ON SALE OF BUILDING BY CONSIDERING THE AMOUNT OF SALE CONSIDERATION AT RS.33,54,750 AS PER THE PROVISIONS OF SECTION 50 OF THE ACT. II THE APPELLANT CRAVES LEAVE TO ADD TO, AMEND OR A LTER OR DELETE OR OMIT OR SUBSTITUTE ANY OF THE ABOVE GROUND OF APPEAL AS THE Y MAY BE ADVISED TO DO SO. 3. AT THE OUTSET, THE LD. A.R. OF THE ASSESSEE HAS BEEN FAIR ENOUGH TO ADMIT THAT THE ISSUE UNDER CONSIDERATION IS COVERED AGAIN ST THE ASSESSEE IN FAVOUR OF THE REVENUE VIDE ORDER OF THE TRIBUNAL DATED 25.07. 12 PASSED IN ITA NO.7878/M/2011 RELEVANT TO A.Y. 2007-08 WHEREIN THE TRIBUNAL VIDE PARA 13 OF THE SAID ORDER, WHILE RELYING UPON THE DECISION OF THE SPECIAL BENCH OF THE TRIBUNAL IN THE CASE OF UNITED MARINE ACADEMIC 13 0 ITD 113 HAS UPHELD THE ORDER OF THE AO COMPUTING THE SHORT TERM CAPITA L GAIN ON SALE OF THE BUILDING BY ADOPTING THE MARKET VALUE OF THE BUILDI NG AS PER STAMP DUTY AUTHORITIES BY INVOKING THE PROVISIONS OF SECTION 5 0C. RESPECTFULLY FOLLOWING THE SAID DECISION OF THE TRIBUNAL IN THE OWN CASE O F THE ASSESSEE, WE DO NOT FIND ANY MERIT IN THE APPEAL OF THE ASSESSEE AND TH E SAME IS ACCORDINGLY DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 08.07.2015. SD/- SD/- (B.R. BASKARAN) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 08.07.2015. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH ITA NO.2408/M/2013 M/S. EMERSON PROCESS MANAGEMENT (INDIA) PVT. LTD. 3 //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.