ACIT CC-20, New Delhi V. Ansal Housing & Construction Ltd, New Delhi

ITA 3209/DEL/2008

• Counselvise Citation: [2009] 114 COUNSELVISE.COM (IT) 8277 (ITAT-DELHI)
• Duration Of Justice: 7 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-06-2009
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 10-06-2009
• Assessment Year: 2004-2005
• Appeal Filed On: 24-10-2008
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SK CHAUDHARY
• Assessee Lawyers: RAVI JERATH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH A NEW DELHI BEFORE SHRI G.E. VEERABHADRAPPA : VICE PRESIDENT; A ND SRI AAKASH DEEP JAIN : JUDICIAL MEMBER ITA NO. 3209/DEL/08 ASSTT. YR: 2004-05 ACIT, CEN. CIRCLE-20, VS. M/S ANSAL HOUSING & NEW DELHI. CONSTRUCTION LTD., UGF 15, INDRAPRAKASH BUILDING, 21, BARAKHAMBA ROAD, NEW DELHI. PAN/GIR NO. AAACA0377R ( APPELLANT ) ( RESPONDENT ) APPELLANT BY : SHRI S.K. CHAUDHARY CIT DR RESPONDENT BY : SHRI RAVI JERATH CA O R D E R PER G.E. VEERABHADRAPPA, V.P: THIS APPEAL, BY THE REVENUE , ARISES OUT OF THE ORD ER DATED 27-8-2008 OF THE CIT(A), NEW DELHI, FOR A.Y. 2004-05. 2. THE ONLY ISSUE IN THIS APPEAL RELATES TO AN ADDI TION OF RS. 1,56,35,792/- MADE BY THE AO UNDER THE HEAD HOUSE PROPERTY IN R ESPECT OF THE NOTIONAL ANNUAL LETTING VALUE OF FLATS WHICH WERE HELD AS CL OSING STOCK. 3. THE ASSESSEE IS IN THE BUSINESS OF REAL ESTATE, DEVELOPMENT OF MINI TOWNSHIPS, PROMOTION, DEVELOPMENT AND CONSTRUCTION OF HOUSES, FLATS, VILLAS AND COMMERCIAL COMPLEXES ETC. THE ASSESSEE, IN THE COURSE OF ITS BUSINESS, WAS IN POSSESSION OF VARIOUS COMMERCIAL AND RESIDE NTIAL FLATS AND SPACES ETC. WHICH WERE LAYING IN ITS STOCK AS ON 31-3-2003 . ACCORDING TO THE DEPARTMENT, THE ASSESSEE HAD NOT DISCLOSED ANY INCO ME FROM HOUSE PROPERTY. 2 NOTIONAL ANNUAL LETTING VALUE WAS DETERMINED BY THE AO AND WAS BROUGHT TO TAX. IT MAY BE STATED THAT IDENTICAL ISSUE AROSE IN ASSESSEES OWN CASE IN A.Y. 1988-89 TO 1997-98 AS ALSO IN A.Y. 2001-02. DI FFERENT BENCHES OF THE ITAT IN ALL THOSE YEARS HAVE DELETED LIKE ADDITIO N. IN THE LIGHT OF THE DISCUSSIONS MADE IN EARLIER ORDERS OF THE ITAT, THE ISSUE IS DECIDED IN FAVOUR OF THE ASSESSEE. ACCORDINGLY, THE REVENUE S APPEAL IS DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 10-6-2009. ( AAKASH DEEP JAIN ) ( G.E. VEERABHADRA PPA ) JUDICIAL MEMBER VICE PRESIDENT DATED: 10-06-2009. MP COPY TO : 1. ASSESSEE 2. AO 3. CIT 4. CIT(A) 5. DR