Gopika Singh, V. ITO,

ITA 31/JAB/2012

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 5611 (ITAT-JABALPUR)
• Duration Of Justice: 1 year(s) 11 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-03-2014
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 26-03-2014
• Assessment Year: 2005-2006
• Appeal Filed On: 12-04-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: K K UPADHYAY
• Assessee Lawyers: AP SRIVASTAVA; SAPAN USRETH S
• Keywords: Capital asset; Fair market value; Valuation report

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, JABALPUR BENCH, JABALPUR BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI T.S. KAPOOR, ACCOUNTANT MEMBER ITA NO.31/JAB/2012 ASSESSMENT YEAR: 2005-06 GOPIKA SINGH, HUF VS. INCOME TAX OFFICER, VILLAGE CHORHATA, WARD-I, REWA (M.P.) REWA (M.P.) (PAN AAEHG 9855 P) (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI A.P. SRIVASTAVA & SHRI SAPAN USRETH, ADVOCATES RESPONDENT BY : SHRI K.K. UPADHYAY, D.R. DATE OF HEARING : 26.03.2014 DATE OF PRONOUNCEMENT : 28.03.2014 ORDER PER T.S. KAPOOR, ACCOUNTANT MEMBER: THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF LD. CIT(A) DATED 13.01.2012. 2 ITA NO.31/JAB/2012 A.Y. 2005-06 2. THE ASSESSEE HAS TAKEN 6 EFFECTIVE GROUNDS OF AP PEAL BUT AT THE TIME OF HEARING THE LD. AUTHORIZED REPRESENTATIVE SUBMITTED THAT HE WILL NOT PRESS GROUND NOS.1 TO 5 AND IN RESPECT OF GROUND NO.6 THE LD. AU THORISED REPRESENTATIVE SUBMITTED THAT THIS WAS A CASE OF VALUATION OF PROP ERTY AS ON 01.04.1981. HE SUBMITTED THAT THE ASSESSEE HAD ADOPTED THE VALUE O N THE BASIS OF VALUATION REPORT OF APPROVED VALUER BUT THE ASSESSING OFFICER INSTEA D OF ACCEPTING THAT VALUE OR REFERRING TO THE DVO ESTIMATED HIS OWN VALUE AND WO RKED OUT THE CAPITAL GAIN AND, THEREFORE, IT WAS PLEADED THAT WHEN THE ASSESSEE SU BMITTED VALUATION REPORT THE ONLY OPTION LEFT WITH THE REVENUE IS EITHER TO ACCEPT OR TO REFER TO DVO AND IN THIS RESPECT SECTION 55A OF THE ACT WAS RELIED. 3. THE LD. DEPARTMENTAL REPRESENTATIVE, ON THE OTHE R HAND, SUBMITTED THAT THE LD. CIT(A) HAS ALREADY CONSIDERED THE ISSUE AND HAS ALREADY ENHANCED THE VALUE APPROPRIATELY. 4. WE HAVE HEARD THE RIVAL PARTIES AND GONE THROUGH THE MATERIAL PLACED ON RECORD. WE FIND THAT THE ONLY ISSUE INVOLVED IN TH IS CASE IS THE VALUATION OF CAPITAL ASSET HELD BY THE ASSESSEE AS ON 01.04.1981. SECTI ON 55A READS AS UNDER :- 3 ITA NO.31/JAB/2012 A.Y. 2005-06 WITH A VIEW TO ASCERTAINING THE FAIR MARKET VALUE OF A CAPITAL ASSET FOR THE PURPOSES OF THIS CHAPTER, THE ASSESSING OFF ICER MAY REFER THE VALUATION OF CAPITAL ASSET TO A VALUATION OFFICER (A) IN A CASE WHERE THE VALUE OF THE ASSET AS CLAIM ED BY THE ASSESSEE IS IN ACCORDANCE WITH THE ESTIMATE MADE BY A REGISTERED VALUER, IF THE ASSESSING OFFICER IS OF O PINION THAT THE VALUE SO CLAIMED IS AT VARIANCE WITH ITS FAIR MARKE T VALUE ; (B) 5. WE FIND FROM THE ORDER OF ASSESSING OFFICER THAT THIS EXERCISE WAS NOT DONE BY THE ASSESSING OFFICER AND THE LD. CIT(A) HAS ALS O RELIED UPON THE REPORT OF DVO JABAPUR IN THE CASE OF ONE UMA PRASAD SINGH, CHORHA TA. THOUGH THE CAPITAL ASSET OF THE ASSESSEE ALSO BELONGED TO THIS VILLAGE YET T HE DVOS REPORT OBTAINED IN ANOTHER CASE CANNOT BE APPLIED IN THE CASE OF THE A SSESSEE AS PROPERTY LOCATED IN SAME VILLAGE HAS DIFFERENT VALUATIONS DEPENDING UPO N ITS SITUATION AND ADJOINING AREAS. THEREFORE, WE ARE IN AGREEMENT WITH THE CON TENTION OF LD A.R. THAT THIS CASE NEEDS TO BE REMITTED BACK TO THE A.O. FOR THE PURPO SE OF OBTAINING VALUATION REPORT FROM THE DVO FOR ARRIVING AT THE VALUATION AS ON 01 .04.1981. IN VIEW OF THE ABOVE, WE REMIT THE APPEAL FILED BY THE ASSESSEE BACK TO T HE ASSESSING OFFICER FOR RE- ADJUDICATION ON GROUND NO.6 WHO AFTER OBTAINING DVO S REPORT IN THE CASE OF THE ASSESSEE, WILL ARRIVE AT THE FAIR MARKET VALUE AS O N 01.04.1981. THEREFORE, GROUND 4 ITA NO.31/JAB/2012 A.Y. 2005-06 NO.6 IS ALLOWED FOR STATISTICAL PURPOSES WHEREAS GR OUND NOS.1 TO 5 ARE DISMISSED AS NOT PRESSED. 6. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS P ARTLY ALLOWED FOR STATISTICAL PURPOSES. (ORDER PRONOUNCED IN THE OPEN COURT ON 28.03.2014) SD/- SD/- (BHAVNESH SAINI) (T.S. KAPOOR) JUDICIAL MEMBER ACCOUNTANT MEMBER DATE: 28 TH MARCH, 2014 PBN/* COPY OF THE ORDER FORWARDED TO :- 1) APPELLANT 2) RESPONDENT 3) CIT (APPEALS) CONCERNED 4) CIT CONCERNED 5) D.R., ITAT, JABALPUR BENCH, JABALPUR 6) GUARD FILE. BY ORDER, SR. PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL, CAMP AT JABALPUR