Nanasaheb Bhagwan Sasar, Pune V. Income-tax Officer, Ward - 2(5), Pune

ITA 319/PUN/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 7754 (ITAT-PUNE)
• Duration Of Justice: 11 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-01-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 09-01-2019
• Assessment Year: 2012-2013
• Appeal Filed On: 09-02-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: ARISES OUT OF PASSED
• Keywords: Capital asset; Fair market value

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI VIKAS AWASTHY, JUDICIAL MEMBER . / ITA NO.319/PUN/18 / ASSESSMENT YEARS : 2012-13 NANASAHEB BHAGWAN SASAR, AT POST : SUSGAON, TALUKA : MULSHI, PUNE 411 021 PAN : ADHPS2728M VS. ITO, WARD-2(5), PUNE (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSE D BY THE CIT(A)-3, PUNE ON 28-11-2017 IN RELATION TO THE ASSESSMENT YEAR 2012-13. 2. THE ASSESSEE HAS CHALLENGED THE DECISION TAKEN BY THE L D. CIT(A) IN CONFIRMING THE ACTION OF THE ASSESSING OFFICER IN MAKING A REFERENCE TO THE VALUATION OFFICER. THE LD. AR CONTENDED THAT THE ASSESSEE CONVERTED HIS CAPITAL ASSET INTO STOCK-IN-TRADE IN THE YEAR RELEVANT TO THE ASSESSMENT YEAR UNDER CONSIDERATION, WHICH WAS SOLD IN A LATER YEAR. HE APPELLANT BY SHRI DEEPAK SASAR RESPONDENT BY SHRI M.K. VERMA DATE OF HEARING 09-01-2019 DATE OF PRONOUNCEMENT 09-01-2019 ITA NO.319/PUN/2018 NANASAHEB B. SASAR 2 SUBMITTED THAT THE AO MADE REFERENCE TO THE DVO FOR DETERMINING THE FAIR MARKET VALUE OF THE ASSET ON THE DATE OF SUCH CONVERSION. IT WAS SUBMITTED THAT SUCH A REFERENCE WAS INVALID. 3. WE HAVE HEARD BOTH THE SIDES AND GONE THROUGH THE RELEVANT MATERIAL ON RECORD. IT IS NOTED FROM THE ASSESSM ENT ORDER AND THAT NO ADDITION HAS BEEN MADE ON THIS SCORE. T HIS POSITION WAS EVEN ADMITTED BY THE LD. AR AS WELL, WHO STATED THAT NO ADDITION WAS MADE BY THE AO IN THE YEAR UNDER CONSIDERATION. SINCE THE ISSUE IN APPEAL DOES NOT ARISE FROM THE ORDER PASSED BY THE AO, IN OUR CONSIDERED OPINION, THIS APPEAL IS PREMATURE. THE ASSESSEE IS AT LIBERTY TO CHALLENGE THE REFERENCE TO THE DVO IN THE YEAR IN WHICH SUCH VALUATION HA S BEEN CONSIDERED FOR THE PURPOSE OF MAKING ADDITION, IF AN Y. 4. IN THE RESULT, THE APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 09 TH JANUARY, 2019. SD/- SD/- (VIKAS AWASTHY) (R.S.SYAL) JUDICIAL MEMBER VICE PRESID ENT PUNE; DATED : 09 TH JANUARY, 2019 ITA NO.319/PUN/2018 NANASAHEB B. SASAR 3 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-3, PUNE 4. 5. THE PR.CIT-2, PUNE , , SMC / DR SMC, ITAT, PUNE; 6. % / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE ITA NO.319/PUN/2018 NANASAHEB B. SASAR 4 DATE 1. DRAFT DICTATED ON 09-01-2019 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 09-01-2019 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *