Shri. Abhinandan Vanaraj Lengade (HUF), Belgaum V. Income Tax Officer Ward-1(3), Belgaum

ITA 330/PAN/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 93492 (ITAT-PANAJI)
• Duration Of Justice: 1 year(s) 7 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-06-2015
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 08-06-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 05-11-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: BANGARI LD
• Assessee Lawyers: JAYANT D KALPVRIKSHA
• Keywords: Principle of natural justice; Fair market value
• Section: 54F

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI GEORGE MATHAN , HONBLE JUDICIAL MEMBER AND SHRI N.K. BILLAIYA, HON'BLE ACCOUNTANT MEMBER ITA N O . 330 /PNJ/20 13 : (A.Y 2009 - 10 ) ABHINANDAN VANARAJ LENGADE (HUF), KORE GALLI, SHAHAPUR, BELGAUM 590 003. PAN : AAKHA0045F ( APPELLANT) VS. ITO, WARD 1(3), BELGAUM (RESPONDENT) ASSESSEE BY : JAYANT D. KALPVRIKSHA, CA REVENUE BY : M.R. BANGARI, LD. DR DATE OF HEARING : 08 / 06 /201 5 DATE OF PRONOUNCEMENT : 08 / 06 /201 5 O R D E R PER GEORGE MATHAN : 1. THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF LD. CIT(A), BELGAUM IN ITA NO. 259/BGM/2011 - 12 DT. 10.10.2013 IN A.Y 2009 - 10. SHRI JAYANT D. KALPVRIKSHA , CA REPRESENTED ON BEHALF OF THE ASSESSEE AND SHRI M.R. BANGARI, LD. DR REPRESENTED ON BEHALF OF THE REVENUE. 2. IT WAS SUBMITTED BY THE LD. AR THAT THE ASSESSEE IS AN HUF AND IT HAD SOLD CERTAIN ANCESTRAL LAND RECEIVED BY THE KARTA OF THE HUF WHICH WAS TREATED AS HUF PROPERTY. IT WAS THE SUBMISSION THAT THE AO HAD WHILE COMPLETING THE ASSESSMENT HAD TAKEN THE VALUE OF THE PROPERTY AS ON 1.4.1981 AT A FIGURE FAR 2 ITA NO. 330/PNJ/2013 (A.Y : 2009 - 10) LOWER THAN THAT AS CLAIMED BY THE ASSESSEE. IT WAS THE SUBMISSION THAT THE VALUATION DONE BY THE GOVERNMENT REGISTERED VALUER HAD BEEN OBTAINED BY TH E ASSESSEE AND THE SAME WAS VALUED AT RS. 55/SQ. FT. AND THE FAIR MARKET VALUE AS ON 1.4.1981 WAS TAKEN AT RS. 6,52,000/ - BY THE ASSESSEE. IT WAS THE SUBMISSION THAT AS AGAINST THE SAID VALUATION, THE AO HAD TAKEN THE VALUE AT RS. 78,408/ - . IT WAS THE SU BMISSION THAT THE AO HAD GOT COMPARATIVE CASE FROM THE SUB - REGISTRAR AT BELGAUM FOR THE VALUE OF THE PROPERTY DURING 1981 - 82 AND THE SUB - REGISTRAR HAD FURNISHED THE DETAILS TO THE AO VIDE LETTER DT. 21.11.2011. IT WAS THE SUBMISSION THAT NONE OF THESE EVI DENCES HAD BEEN GIVEN TO THE ASSESSEE FOR HIS REBUTTAL. IT WAS THE SUBMISSION THAT HE HAD NO OBJECTION IF THE ISSUE WAS RESTORED TO THE FILE OF THE AO FOR RE - ADJUDICATION AFTER GRANTING THE ASSESSEE ALL SUCH EVIDENCES AS HAS BEEN OBTAINED BY THE AO IN RES PECT OF THE VALUATION OF THE PROPERTY. IT WAS ALSO THE SUBMISSION THAT THE ASSESSEES CLAIM FOR DEDUCTION U/S 54F HAD NOT BEEN ALLOWED IN FULL. 3. IN REPLY, THE LD. DR SUBMITTED THAT HE HAD NO OBJECTION IF ALL THE ISSUES WERE RESTORED TO THE FILE OF TH E AO FOR RE - ADJUDICATION. 4. WE HAVE CONSIDERED THE RIVAL SUBMISSION. AS IT IS NOTICED THAT THE LETTER FROM THE SUB - REGISTRAR, BELGAUM DT. 21.11.2011 ALONG WITH THE DETAILS OF THE COMPARATIVE CASE HAS NOT BEEN GIVEN TO THE ASSESSEE FOR HIS REBUTTAL, IN THE INTEREST OF NATURAL JUSTICE THIS ISSUE IS RESTORED TO THE FILE OF THE AO FOR RE - ADJUDICATION AFTER GRANTING THE ASSESSEE ALL EVIDENCES AVAILABLE WITH HIM ON THE BASIS OF WHICH THE AO HAS VALUED THE FAIR MARKET VALUE OF THE PROPERTY AS ON 1.4.1981. AS THE VALUATION OF THE PROPERTY AND THE QUANTIFICATION OF CAPITAL GAINS ITSELF IS BEING RESTORED TO THE FILE OF THE AO, THE ISSUE OF BENEFIT OF DEDUCTION U/S 54F IS ALSO RESTORED TO THE FILE OF THE AO. IN THE RESULT, ALL THE ISSUES IN THIS APPEAL ARE RESTO RED TO THE FILE OF THE AO FOR RE - ADJUDICATION AFTER 3 ITA NO. 330/PNJ/2013 (A.Y : 2009 - 10) GRANTING THE ASSESSEE ADEQUATE OPPORTUNITY TO SUBSTANTIATE ITS CASE AND REBUT THE EVIDENCES AVAILABLE WITH THE AO. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSE . ORDER PRONOUNCED IN THE OPEN COURT ON 08/06/2015. S D / - (N.K. BILLAIYA) ACCOUNTANT MEMBER S D / - ( GEORGE MATHAN ) JUDICIAL MEMBER PLACE : PANAJI / GOA DATED : 0 9 /06/ 201 5 *SSL* COPY TO : (1) APPELLANT (2) RESPONDENT (3) CIT(A) CONCERNED (4) CIT CONCERNED (5) D.R (6) GUARD FILE TRUE COPY, BY ORDER , 4 ITA NO. 330/PNJ/2013 (A.Y : 2009 - 10) DATE INITIAL ORIGINAL DICTATION PAD & DRAFT ORDER ARE ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 08/06/2015 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 09/06/2015 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER /06/2015 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER /06/2015 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 0 9 /06/2015 SR.PS 6. DATE OF PRONOUNCEMENT 08/06/2015 SR.PS 7. FILE SENT TO THE BENCH CLERK 0 9 /06/2015 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER