The ACIT, Circle-5, Surat V. Shri Veljibhai M.Sheta @ Patel, Surat

ITA 2659/AHD/2009

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 6168 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 9 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-07-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 13-07-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 25-09-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JASBIR S CHOUHAN SRDR
• Assessee Lawyers: M K PATEL
• Keywords: Unexplained investment; Sale consideration of property below Jantri Value

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH C AHMEDABAD BEFORE SHRI D.K.TYAGI, HONBLE JUDICIAL MEMBER, AND SHRI A. MOHAN. ALANKAMONY, HONBLE ACCOUNTANT MEMBE R ITA NO.2659/AHD/2009 & C.O. NO.249/AHD/2009 (ARISING OUT ITA NO.2659/AHD/2009) ASSESSMENT YEAR:2006-07 DATE OF HEARING:13.7.11 DRAFTED:14.7.11 ASSTT. COMMISSIONER OF INCOME-TAX, CIRCLE-5, ROOM NO.309, AAYKAR BHAVAN, MAJURA GATE, SURAT SHRI VALJIBHAI M SHETA @ PATEL, 606, LALBHAI CONTRACTOR COMPLEX, SURAT 395 001 PAN NO.ACPPS0620M V/S . V/S . SHRI VELJIBHAI M SHETA @ PATEL, 606, LALBHAI CONTRACTOR COMPLEX, OPP. PARSI LIBRARY, NANPURA, SURAT ACIT, CIRCLE-5, ROOM NO.309, AAYAKAR BHAVAN, MAJURA GATE, SURAT (APPELLANT) .. (RESPONDENT) ASSESSEE BY :- SHRI M.K. PATEL, AR REVENUE BY:- SHRI JASBIR S. CHOUHAN, SR-DR O R D E R PER D.K.TYAGI, JUDICIAL MEMBER:- THIS APPEAL BY THE REVENUE AND CROSS OBJECTION (CO ) BY ASSESSEE ARE AGAINST THE ORDER OF COMMISSIONER OF INCOME-TAX(APP EALS)-III, SURAT DATED 20- 07-2009 FOR THE ASSESSMENT YEAR 2006-07. AT THE TIM E OF HEARING LEARNED COUNSEL FOR THE ASSESSEE DID NOT PRESS THE CO THERE FORE THE SAME IS DISMISSED AS NOT PRESSED. NOW COMING TO REVENUES APPEAL ITA NO.2659/AHD/2009 . 2. THE REVENUE HAS TAKEN FOLLOWING GROUNDS:- ITA NO.2659/AHD/2009 & CO 249/AHD/2009 A.Y. 2006-07 ACIT CIR-5, SRT V. SH. VELJIBHAI M SHETA & PATEL PAGE 2 [1] ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE AND IN LAW, THE LD. CIT(A)-III, SURAT HAS ERRED IN DELETING THE ADD ITION OF RS.13,98,875/- MADE ON ACCOUNT OF UNACCOUNTED INVESTMENT IN PURCHA SE OF LAND U/S.69B OF THE ACT. [2] ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD. CIT(A)-III, SURAT HAS ERRED IN DELETING THE ADD ITION OF RS.30,825/- MADE U/S.50C OF THE ACT. [3] ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD. CIT(A)-III, SURAT HAS ERRED IN DELETING THE 20% OF INTEREST ON CAR LOAN AND CAR INSURANCE PREMIUM. 3. AT THE TIME OF HEARING BOTH THE PARTIES AGREED T HAT ALL THE THREE GROUNDS TAKEN BY THE REVENUE ARE COVERED IN FAVOUR OF ASSES SEE AND AGAINST THE REVENUE BY THE DECISION OF THIS TRIBUNAL IN THE CAS E OF ACIT CIR-5, SURAT V. SHRI RAVJIBHAI P PATEL IN ITA NO.2658/AHD/2009 DATED 04-05-2011. RESPECTFULLY FOLLOWING THE SAME THE ORDER PASSED BY LD. CIT(APPEALS) IS UPHELD AND THIS APPEAL OF REVENUE IS DISMISSED. 4. IN THE RESULT, REVENUES APPEAL IS DISMISSED AND TH AT OF ASSESSEES CO IS DISMISSED AS NOT PRESSED. ORDER PRONOUNCED IN OPEN COURT ON 13 /07/2011 SD/- SD/- (A.MOHAN.ALANKAMONY) (D.K. TYAG I) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) AHMEDABAD, DATED : 13/07/2011 *DKP COPY OF THE ORDER FORWARDED TO :- 1. THE ASSESSEE. 2. THE REVENUE. 3. THE CIT(APPEALS)-III, SURAT 4. THE CIT CONCERNS. 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER, /TRUE COPY/ DEPUTY / ASSTT.REGISTRAR ITAT, AHMEDABAD