ITO 16(1)(1), MUMBAI V. AVANISH I BHAGAT, MUMBAI

ITA 2681/MUM/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 62412 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-05-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 03-05-2012
• Assessment Year: 2007-2008
• Appeal Filed On: 07-04-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MRS USHA NAIR
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES A, MUMBAI BEFORE SHRI R.S. SYAL (AM) AND SHRI S.S. GODARA (JM ) ITA NO.2681/M/2011 ASSESSMENT YEAR: 2007-08 ITO-16(1)(1), MATRU MANDIR, MUMBAI 400 007. VS. SHRI AVANISH I BHAGAT, ASHA MAHAL, 46-B, DR. G.D. MARG, MUMBAI 400 020. PAN: AABPB8688G (APPELLANT) (RESPONDENT) APPELLANT BY : MRS. USHA NAIR RESPONDENT BY: NONE DATE OF HEARING: 3.5.2012 DA TE OF ORDER: 16.5.2012 O R D E R PER S.S. GODARA, J.M: THE REVENUE HAS FILED THE INSTANT APPEAL AGAINST TH E ORDER OF LD. CIT (A)-27, MUMBAI DATED 10.12.2010. 2. THERE ARE TOTAL FOUR GROUNDS IN THIS APPEAL. GR OUND NOS. 3 & 4 ARE GENERAL IN NATURE. IN GROUND NO.1 & 2, LD. CIT (A) ORDER REGA RDING COST INDEXATION W.E.F. 1.4.1981 AS CLAIMED BY THE ASSESSEE FOR THE PURPOSE OF LONG TER M CAPITAL GAINS IN ACCORDANCE WITH SEC. 50C OF THE INCOME TAX ACT, 1961 (HEREINAFTER TO BE REFERRED AS THE ACT) HAS BEEN CHALLENGED ONLY ON THE GROUND THAT THE CASE LAW RELIED ON BY L D. CIT (A) I.E. DCIT VS. MANJULA J SHAH 318 ITR 417 (MUMBAI) (SB) HAS BEEN CHALLENGED BY TH E REVENUE BEFORE THE HONBLE JURISDICTIONAL HIGH COURT. 3. FACTS ARE NOT IN DISPUTE. NEITHER ANY OF THE PA RTY BEFORE US HAS RAISED ANY CONTENTION REGARDING THE FACTUAL MATRIX OF THE CASE . 2 ITA NO.2681/M/2011 4. AS IT TRANSPIRES FROM GROUND NOS. 1 & 2, THE REV ENUE HAS PREFERRED THE INSTANT APPEAL BECAUSE IT HAS CHALLENGED THE ORDER OF HONBLE SPEC IAL BENCH OF ITAT (SUPRA) BEFORE THE JURISDICTIONAL HIGH COURT. AND THE MATTER IS SUB-J UDICE. 5. DURING THE COURSE OF HEARING, BOTH THE LEARNED R EPRESENTATIVES HAVE FAIRLY STATED THAT THE JURISDICTIONAL HIGH COURT HAS UPHELD THE ORDER OF HONBLE SPECIAL BENCH OF ITAT IN MANJULA J SHAH CASE VIDE JUDGMENT DATED 11.10.2011 IN ITA NO.3378/2010 CIT VS. MANJULA J SHAH. THEREFORE, THE INSTANT APPEAL HAS TO BE DEC IDED ACCORDINGLY. 6. APPRECIATING THE FAIR STAND ADOPTED BY BOTH THE LEARNED REPRESENTATIVES AS WELL AS IN VIEW OF THE FACT THAT THE HONBLE JURISDICTIONAL HI GH COURT HAS CONFIRMED THE HONBLE SPECIAL BENCH DECISION, WE ALSO CONFIRM THE IMPUGNED ORDER OF LD. CIT (A). 7. THE PRESENT APPEAL IS THEREFORE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 16 TH DAY OF MAY, 2012. SD/- SD/- (R.S. SYAL) ( S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL ME MBER DATE : 16/5/2012 AT :MUMBAI OKK COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A), MUMBAI CONCERNED 4. THE CIT, MUMBAI CONCERNED 5. THE DR A BENCH, ITAT, MUMBAI. // TRUE COPY// BY ORDER ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI.