Nutan Sarin, . V. ITO Ward -5(2)(1), Noida , .

ITA 3718/DEL/2023

• Counselvise Citation: [2024] 101 COUNSELVISE.COM (IT) 8779 (ITAT-DELHI)
• Duration Of Justice: 1 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-02-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 04-02-2024
• Assessment Year: 2016-2017
• Appeal Filed On: 18-12-2023
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 271(1)(c); 56(2)(vii)(b)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘SMC’: NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER ITA No.3718/DEL/2023 [Assessment Year: 2016-17] Nutan Sarin, E-206, Sector-21, Noida, Uttar Pradesh- 201301 Vs ITO, Ward-5(2)(1), Noida, Uttar Pradesh-201301 PAN-AWKPS4984R Assessee Revenue Assessee by Ms. Sumangla Saxena, Adv. and Shri Rajeev Saxena, Adv. Revenue by Sh. Om Prakash, Sr. DR Date of Hearing 05.02.2024 Date of Pronouncement 09.02.2024 ORDER This appeal by the assessee is directed against the order of National Faceless Appeal Centre (NFAC), New Delhi, dated 20.11.2023 pertaining to Assessment Year 2016-17. 2. The grounds of appeal reads as under:- 1 1. That Ld. CIT(A), NFAC has grossly erred in law as well as on facts in not holding that assessment made is bad in law as the assessing officer has reopened the assessment without making any independent enquiry or application of mind and merely on the basis of information received. 2 2. That Ld. CIT(A), NFAC has erred in law as well as on facts in confirming the addition made by Ld. A0 of Rs. 5,26,400/- on account of difference of purchase price and circle rate of the property u/s 56(2)(vii)(b) of the Income-tax Act, 1961 without noticing that assessee has already 2 ITA No.3718/Del/2023 invested for the amenities and so cost of the property is much higher. 3 3. That on facts and circumstances of the case, Ld. CIT(A), NFAC erred in upholding the order of assessment without appreciating: a. That the actual consideration paid by assessee was Rs. 35,42,352/-. b. That all payment have been made through account payee cheques. 4 4. That the Ld. AO has erred in law as well as on facts in initiating the penalty proceeding u/s 271(1)(c) of the Act. 5 The above grounds of appeals are independent of, and without prejudice to each other. That the appellant craves leave to add, alter, amend or withdraw all or any grounds herein or add any further grounds as may be considered necessary either before or during the hearing of these grounds.” 3. Brief facts of the case are that in this case, the Assessing Officer made addition of Rs.5,26,400/- on account of difference of purchase price and circle rate of the property u/s 56(2)(vii)(b) of the Income Tax Act, 1961. 4. Upon assessee’s appeal, the Ld. CIT(A) confirmed the addition. 5. Before me, the ld. Counsel for the assessee gave a chart and submitted that actually the assessee has paid more than that noticed by the Assessing Officer. In this regard, the chart submitted by the assessee is as under:- 3 ITA No.3718/Del/2023 6. Referring to the chart above, the ld. Counsel for the assessee contended that there is no case of shortage of amount paid to the circle rate, therefore, he prayed that an opportunity may be granted to the assessee. 7. Per contra, the Ld. DR did not have any objection if the matter is remanded back to the file of the Assessing Officer to examine the factual veracity in the submission of the assessee. 4 ITA No.3718/Del/2023 8. Upon careful consideration, I find that in this case, the interest of the justice will be served, if the issue is remanded to the file of the Assessing Officer. The Assessing Officer shall examine the chart reproduced hereinabove and veracity of the submission of the assessee. Needless to add, the assessee be given reasonable opportunity of being heard. 9. In the result, the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 09 th February, 2024. Sd/- Sd/- [ANUBHAV SHARMA] [SHAMIM YAHYA] JUDICIAL MEMBER ACCOUNTANT MEMBER Delhi; 09.02.2023. f{x~{tÜ? f{x~{tÜ?f{x~{tÜ? f{x~{tÜ? Copy forwarded to: 1. Assessee 2. Respondent 3. CIT 4. CIT(A) 5. DR Asst. Registrar, ITAT, New Delhi