USHA AGRO PRODUCTS & PROPERTIES P.LTD, MUMBAI V. ITO WD 5(3)(3), MUMBAI

ITA 3501/MUM/2013

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 2506 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 6 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-11-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Next Hearing Date: 25-08-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 03-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: SUBHASH SHETTY
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH F, MUMBAI BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER ITA NO.3501/M/2013 ASSESSMENT YEAR: 2009-10 M/S. USHA AGRO PRODUCTS & PROPERTIES PVT. LTD., 61, PANORAMA, 6 TH FLOOR, 203, WALKESHWAR ROAD, TEEN BATTI, MUMBAI 400 006 PAN: AAACU8138L VS. THE COMMISSIONER OF INCOME TAX (A)-9, AAYAKAR BHAVAN, MUMBAI - 400020 (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : SHRI SUBHASH SHETTY, A.R. REVENUE BY : SHRI SANTOSH MANKOSKAR, D.R. DATE OF HEARING : 26.11.2015 DATE OF PRONOUNCEMENT : 26.11.2015 O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 20.03.2013 OF THE COMMISSIONER OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS THE CIT(A)] RELEVANT TO ASSESSMENT Y EAR 2009-10. 2. THE ASSESSEE IN THIS APPEAL HAS AGITATED THE LEV Y OF PENALTY UNDER SECTION 271(1)(C) OF THE ACT. AT THE OUTSET, THE LD. A.R. OF THE ASSESSEE HAS STATED THAT THE IMPUGNED PENALTY IN THIS CASE HAS BEEN LEVIED O N ACCOUNT OF ADDITION MADE UNDER SECTION 50C OF THE ACT TAKING THE SALE CONSID ERATION OF THE LAND SOLD BY THE ASSESSEE AS PER THE STAMP VALUATION AUTHORITY. IT IS APPARENTLY NEITHER A CASE OF CONCEALMENT OF PARTICULARS OF INCOME NOR OF FURN ISHING OF INACCURATE PARTICULARS OF INCOME. THE CAPITAL GAINS IN THIS C ASE HAS BEEN ASSESSED AT A ITA NO.3501/M/2013 M/S. USHA AGRO PRODUCTS & PROPERTIES PVT. LTD. 2 HIGHER RATE BECAUSE OF THE APPLICABILITY OF THE PRO VISIONS OF SECTION 50C OF THE ACT. THE ISSUE IS SQUARELY COVERED BY THE DECISION OF THE HONBLE JURISDICTIONAL BOMBAY HIGH COURT IN THE CASE OF CI T VS. M/S. FORTUNE HOTELS AND ESTATES P. LTD. (BOM) (H.C.) IN INCOME TAX APPE AL NO.1164 OF 2012 VIDE ORDER DATED 26.09.14. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS HER EBY ALLOWED AND THE PENALTY IMPOSED BY LOWER AUTHORITIES UNDER SECTION 271(1)(C ) OF THE ACT IS HEREBY ORDERED TO BE DELETED. ORDER PRONOUNCED IN THE OPEN COURT ON 26.11.2015. SD/- SD/- (ASHWANI TANEJA) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 27.11.2015 * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.