S.K. Gold Chain Co. Pvt. Ltd., New Delhi V. DCIT, New Delhi

ITA 2983/DEL/2017

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 3722 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 3 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-08-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2012-2013
• Appeal Filed On: 12-05-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C; 37(1); 68; 12; 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES G , NEW DELHI BEFORE SH. AMIT SHUKLA , JUDICIAL MEMBER DR. B. R. R. KUMAR , ACCOUNTANT MEMBER ITA NO. 2982 /DEL/201 7 : ASSTT. YEAR : 2011 - 1 2 S. K. GOLD CHAIN CO. PVT. LTD., 1157, 3 RD FLOOR, KUCHA MAHAJANI, CHANDANI CHOWK, DELHI - 110006 VS DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 8 (1), NEW DELHI - 110002 (APPELLANT) (RESPONDENT) PAN NO. AADCS6256N ITA NO. 2983/DEL/2017 : ASSTT. YEAR : 2012 - 13 S. K. GOLD CHAIN CO. PVT. LTD., 1157, 3 RD FLOOR, KUCHA MAHAJANI, CHANDANI CHOWK, DELHI - 110006 VS DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 23(2), NEW DELHI (APPELLANT) (RESPONDENT) PAN NO. AADCS6256N ASSESSEE BY : NONE REVENUE BY : SH. N. K. BANSAL, SR. DR DATE OF HEAR ING: 27 . 08 .201 9 DATE OF PRONOUNCEMENT: 29 .08 .201 9 ORDER PER DR. B. R. R. KUMAR , A CCOUNTANT M EMBER : BOTH THE APPEALS VIZ. IN ITA NO. 2 982/DEL/2017 FOR THE A.Y. 2011 - 12 OF LD. CIT (A) - 22 , NEW DELHI DATED 05.01.2017 AND IN ITA NO. 2983/DEL/2017 FOR THE A.Y. 2012 - 13 OF LD. CIT (A) - 17 , NEW DELHI DATED 01.12.2016. 2. NONE ATTENDED ON BEHALF OF THE ASSESSEE. ITA NO S. 2982 & 2983 /DEL /2017 S K GOLD CHAIN CO. PVT. LTD. 2 3 . AT THE OUTSET, IT WAS BROUGHT TO OUR NOTICE THAT THE APPEAL S HA VE BEEN ADJUDICATED EX - PARTE. WE HAVE GONE THROUGH THE RECORD BEFORE US AND FIND THAT IN THE APPEAL BEFORE THE LD. CIT (A) FOUR GROUNDS HAVE BEEN PLEADED BY THE ASSESSEE IN THE GROUNDS OF APPEAL. THE ISSUES ARE (A) ADDITION U/S 68 OF THE ACT (B) ADDITION ON ACCOUNT OF PAYMENT TO ROC (C) ADDITION ON ACCOUNT OF INVOCATION OF SECTION 50C OF THE ACT . 4 . THE LD. CIT (A) HAS FAIRLY ADJUDICATED ON THE ISSUE OF ADDITION ON ACCOUNT OF PAYMENT TO ROC ON GOING THROUGH THE SECTION 37(1) OF THE IT ACT. FURTHER, THE ADDIT ION ON ACCOUNT OF 50C OF THE ACT HAS BEEN ADJUDICATED BASED ON THE PROVISIONS OF SECTION 69, SECTION 56(1)(VII)(B) OF THE ACT. ON ACCOUNT OF ADDITION U/S 68 OF THE ACT, THE LD. CIT (A) AFTER DULY CONSIDERING THE WRITTEN SUBMISSION MADE BY THE ASSESSEE HAS ADJUDICATED THE ISSUE RELYING ON THE ORDER OF ITAT AHMADABAD DATED 18.08.2015 IN THE CASE OF NAKODA FASHION PVT. LTD. IN ITA NO. 1716/AHD/2012 FOR THE ASSESSMENT YEAR 2009 - 10. SIMILARLY, FOR THE ITA NO.2983/DEL/2017 FOR THE ASSESSMENT YEAR 2012 - 13, THE LD. CIT (A) - 17 VIDE ORDER DATED 19.05.201 5 HAS ALSO ADJUDICATED THE MATTER ON MERITS GIVING DUE REASONS FOR ADJUDICATION. SINCE, WE FIND THAT THE APPEAL HAS BEEN ADJUDICATED ON MERITS TAKING INTO CONSIDERATION ALL THE FACTS, PROVISIONS OF THE ACT AND THE JUDI CIAL PRONOUNCEMENT AND ON GOING THROUGH THE RECORD, WE FIND NO REASON TO INTERFERE WITH THE ORDER OF THE LD. CIT (A). THE APPEAL OF THE ASSESSEE IS HEREBY DISMISSED. ITA NO S. 2982 & 2983 /DEL /2017 S K GOLD CHAIN CO. PVT. LTD. 3 5 . IN THE RESULT, BOTH THE APPEAL S OF THE ASSESSEE ARE DISMISSED. (ORDER PRO N OUNC ED IN THE OPEN COURT ON 29 /0 8 /2019). SD/ - SD/ - ( AMIT SHUKLA ) ( DR. B. R. R. KUMAR ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 2 9 /0 8 /2019 *SUBODH* COPY FORWARDED TO: 1 . APPELLANT 2 . RESPONDENT 3 . CIT 4 . CIT(APPEALS) 5 . DR: ITAT ASSISTANT REGISTRAR