M/s. Swapnil Construction Co. Pvt. Ltd., Indore V. The ACIT-2, Indore

ITA 322/IND/2013

• Counselvise Citation: 32222714 RSA 2013
• Duration Of Justice: 3 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-08-2013
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 29-07-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 20-05-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: G S GAUTAM
• Assessee Lawyers: C P RAWKA
• Keywords: Sale consideration of property below Jantri Value

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE SHRI D.T. GARASIA, J.M. AND SHRI B.C.MEENA, A.M. I.T.A.NO.322/IND/2013 A.Y. : 2009-10 M/S.SWAPNIL CONSTRUCTION CO.PVT.LTD., ACIT-2, INDORE. INDORE. VS APPELLANT RESPONDENT. P.A.N. NO AADCM6601R APPELLANT BY SHRI C.P. RAWKA, C. A. RESPONDENT BY SHRI G. S. GAUTAM, DR DATE OF HEARING : 29.07.2015 DATE OF PRONOUNCEMENT : 29.07.2015 -: 2: - 2 O R D E R PER GARASIA, J.M. THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF CIT(A)-I, INDORE, DATED 26.03.2013 FOR THE ASSES SMENT YEAR 2009-10. 2. THE SHORT FACTS OF THE CASE ARE AS UNDER. 3. THE ASSESSEE HAS SOLD LAND AMOUNTING TO RS. 66,00,000/- AND CLAIMED SHORT TERM CAPITAL GAINS. T HE AO HAS ADOPTED THE VALUE OF LAND AT RS. 2.71 CRORES AS DET ERMINED FOR THE PURPOSE OF STAMP VALUATION. THIS CONSIDERATION OF RS. 2.05 CRORES. AGAINST THIS CONSIDERATION OF RS. 2.05 CROR ES, THE ADDITION HAS BEEN MADE BY INVOKING SECTION 50C(1) O F THE INCOME-TAX ACT, 1961. THE ASSESSEE HAS FILED VALUAT ION REPORT IN WHICH THE MARKET VALUE OF THE LAND WAS DETERMINE D AT RS. 1.33 CRORES ONLY. THE AO IN THE INTEREST OF JUSTICE REFERRED THE MATTER TO D.V.O. IN TERMS OF SECTION 50C(2). HOWEVE R, THE ASSESSMENT WAS COMPLETED BEFORE THE REPORT OF THE V ALUATION OFFICER COULD BE RECEIVED. SUBSEQUENTLY, THE DVOS REPORT HAS BEEN RECEIVED AND THE SAME HAS BEEN FORWARDED TO TH E A.O. -: 3: - 3 THEREAFTER, THE ASSESSEE HAS SUBMITTED A LETTER, WH ICH WAS FORWARDED TO THE AO, BUT NO SUCH LETTER WAS RECEIVE D BY STAMP AUTHORITY. THEREFORE, THE LD. CIT(A) HAS CONFIRMED THE ORDER OF THE A.O. 4. WE HAVE HEARD THE RIVAL CONTENTIONS OF BOTH THE PARTIES. LOOKING TO THE FACTS AND CIRCUMSTANCES OF THE CASE, WE FIND THAT THE ASSESSEE HAD SOME OBJECTION BEFORE THE DISTRICT VALUATION OFFICER AND THE DISTRICT VALUATI ON OFFICER HAS NOT CONSIDERED HIS OBJECTION. MOREOVER, THE ASS ESSEE HAS ALSO GIVEN THE OBJECTION IN HIS WRITTEN STATEMENT A FTER CONCLUDING THE HEARING. THEREFORE, WE ARE OF THE VI EW THAT THIS OBJECTION CAN BE HEARD BY THE DVO ONLY. THEREFORE, IN THE INTEREST OF JUSTICE AND FAIR PLAY, WE RESTORE THIS MATTER TO THE FILE OF A.O. AND A.O. SHOULD REFER THE MATTER TO D. V.O. AND THE ASSESSEE IS AT LIBERTY TO FILE HIS WRITTEN OBJECTIO N, WHICH WAS FILED BEFORE US. THEREFORE, THE MATTER IS RESTORED TO THE A.O. AND D.V.O. -: 4: - 4 5. IN THE RESULT, THE APPEAL IS ALLOWED FOR STATISTICA L PURPOSES. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 29 TH JULY, 2015. SD/- (B. C. MEENA) ACCOUNTANT MEMBER SD/- ( D.T.GARASIA) JUDICIAL MEMBER DATED : 29 TH JULY, 2015. CPU* 24