D.C.B.ASHOK KUMAR, SIVAKASI V. DCIT CORPORATE CIRCLE 1(2), CHENNAI

ITA 2993/CHNY/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 2551 (ITAT-CHENNAI)
• Duration Of Justice: 4 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-03-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 01-11-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: MRS SUSHMA HARINI
• Keywords: Sale consideration of property below Jantri Value; Fair market value

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: CHENNAI , ! . , ! ' BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ./ ITA NO.2993/CHNY/2018 /ASSESSMENT YEAR: 2011-12 SHRI D.C.B.ASHOK KUMAR, 375, THIRUTHANGAL ROAD, SIVAKASI-626 123. [PAN: AATPA 2383 D] VS. THE DY. COMMISSIONER OF- INCOME TAX, CORPORATE CIRCLE-1(2), NO.121, AAYAKAR BHAVAN, NUNGAMBAKKAM HIGH ROAD, CHENNAI-600 034. ( ) /APPELLANT) ( *+) /RESPONDENT) ) , / APPELLANT BY : MRS.SUSHMA HARINI, ADV. *+) , /RESPONDENT BY : MR.SRIDHAR DORA, JCIT , /DATE OF HEARING : 07.03.2019 , /DATE OF PRONOUNCEMENT : 07.03.2019 / O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER : THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST TH E ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-1, CHENNAI, IN ITA NO.100/CIT(A)- 1/2016-17 DATED 10.08.2018 FOR THE AY 2011-12. 2. MR.SRIDHAR DORA, JCIT, REPRESENTED ON BEHALF OF THE REVENUE AND MRS.SUSHMA HARINI, ADV., REPRESENTED ON BEHALF OF T HE ASSESSEE. ITA NO.2993/CHNY/2018 :- 2 -: 3. IT WAS SUBMITTED BY THE LD.AR THAT THE ISSUE WAS AGAINST THE ACTION OF THE LD.CIT(A) IN UPHOLDING THE ACTION OF THE AO IN ADOPTING THE FAIR MARKET VALUE IN RESPECT OF THE LANDS SOLD AS ON 01. 04.1981 AT RS.22.20 PER SQ.FT. AS AGAINST RS.60/- PER SQ.FT. ADOPTED BY THE ASSESSEE. IT WAS A SUBMISSION THAT IN THE ASSESSEES OWN CASE FOR THE AY 2010-11, THE IDENTICAL ISSUE WAS RESTORED TO THE FILE OF THE AO FOR RE-ADJUDICATION IN ITA NO.2381/CHNY/2018 DATED 01.01.2019, WHEREIN, IT HAS BEEN HELD AS FOLLOWS: 5. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIALS PLACED ON RECORD. ON PERUSAL OF THE ASSESSMENT ORDER, THERE I S NOTHING TO INDICATE THAT THE ASSESSEE WAS GIVEN AN OPPORTUNITY TO EXPLAIN AS TO WHY THE PROVISION OF S.50C OF THE ACT CANNOT BE APPLIED TO THE FACTS OF THE PRESE NT CASE AND THE ADOPTION OF FAIR MARKET VALUE AS ON 01.04.1981 AT RS.22.20 THEREFORE , WE ARE OF THE CONSIDERED OPINION THE MATTER SHOULD BE REMITTED BACK TO THE F ILE OF THE AO FOR A DENOVO ASSESSMENT AFTER GIVING OPPORTUNITY OF HEARING TO T HE ASSESSEE WITH DIRECTIONS. THE ASSESSEE SHOULD COOPERATE WITH THE AO BY FILING THE EVIDENCE IN SUPPORT OF THE MARKET VALUE OF RS.60/- ADOPTED BY FAIR MARKET VALU E AS ON 01.04.1981 AND ALSO FILE OBJECTIONS AS TO WHY THE PROVISION OF S.50C OF THE ACT CANNOT BE INVOKED IN THE CASE. IT WAS A SUBMISSION THAT THE ISSUE MAY BE RESTORED TO THE FILE OF THE AO FOR RE-ADJUDICATION ON IDENTICAL LINES. 4. IN REPLY, THE LD.DR DID NOT RAISE ANY OBJECTION ON THE RESTORATION TO THE AO ON IDENTICAL LINES. 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. 6. AS IT IS NOTICED THAT IN THE ASSESSEES OWN CASE FOR THE IMMEDIATE PRECEDING YEAR, THE ISSUE WAS RESTORED TO THE FILE OF THE AO FOR RE- ADJUDICATION AFTER GRANTING THE ASSESSEE ADEQUATE O PPORTUNITY OF BEING ITA NO.2993/CHNY/2018 :- 3 -: HEARD, ON IDENTICAL DIRECTIONS FOR THE RELEVANT AY, THE ISSUES IN THE ASSESSEES APPEAL ARE RESTORED TO THE FILE OF THE A O FOR RE-ADJUDICATION. 7. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON THE 7 TH DAY OF MARCH, 2019, IN CHENNAI. SD/- SD/- ( ) ( S. JAYARAMAN ) ! /ACCOUNTANT MEMBER ( ) (GEORGE MATHAN) ! /JUDICIAL MEMBER /CHENNAI, 3 /DATED: 7 TH MARCH, 2019. TLN , *45 65 /COPY TO: 1. ) /APPELLANT 4. 7 /CIT 2. *+) /RESPONDENT 5. 5 * /DR 3. 7 ( ) /CIT(A) 6. /GF