Baneswar Tudu, Jamshedpur V. ITO,Ward-1(3), Jamshedpur

ITA 381/RAN/2018

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 9528 (ITAT-RANCHI)
• Duration Of Justice: 1 year(s) 2 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-03-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 18-12-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Sale consideration of property below Jantri Value; Capital asset; Capital Gains
• Section: 143(3); 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL: RANCHI BENCH, RANCHI BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A NO.381/RAN/2018 ASSESSMENT YEAR: 2013-14 BANESWAR TUDU C/O CA NAWAL KISHORE MAHATO, FLAT NO.401, 4 TH FLOOR, K C APARTMENT, 137, AMBAGAN ROAD, SAKCHI, JAMSHEDPUR, PIN-831001. VS. ITO, WD-1(3), BR PAN/GIR NO. : AMVPT1904F ( APPELL ANT ) .. (RESPONDENT) APPELLANT BY NONE RESPONDENT BY SHRI AJAY KUMAR, ADDL. CIT(DR) DATE OF HEARING 03.03.2020 DATE OF PRONOUNCEMENT 03.03.2020 O R D E R S. S. GODARA(ORAL): THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2013-14 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS), JAMSHEDPUR DATED 30.08.2018 PASSED IN CASE NO.530/JSR/2017-18 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. IT TRANSPIRES AT THE OUTSET WITH THE ABLE ASSISTANCE OF LEARNED DEPARTMENTAL REPRESENTATIVE THAT BOTH THE LOWER AUTHORITIES HAVE INVOKED SECTION 50C OF THE ACT FOR ADDING LONG-TERM CAPITAL GAINS AMOUNTING TO RS.3.80 CRORES IN ASSESSEES HANDS. THERE IS NO DISPUTE THAT THE ACTUAL SALE PRICE OF THE CAPITAL ASSET(S) SOLD IS RS.2,06,64,000/- AS AGAINST STAMP PRICE OF RS.3,09,09,600/-; RESPECTIVELY. I DO NOT FIND ANY REFERENCE U/S 50C(2) OF THE ACT TO HAVE BEEN MADE EITHER BY THE ASSESSING OFFICER OR THE CIT(A). HONBLE CALCUTTA HIGH COURTS DECISION IN CIT VS. SUNIL KR. AGARWAL VS. CIT (2014) 372 ITR 83(CAL) HOLDS THAT SUCH A REFERENCE IS VERY MUCH MANDATORY EVEN IF THE TAXPAYER DOES NOT RAISE ANY PLEA TO THIS EFFECT. I THEREFORE DEEM IT APPROPRIATE TO RESTORE THE ASSESSEES FOREGOING SOLE GRIEVANCE BACK TO THE ASSESSING OFFICER FOR AFRESH ADJUDICATION. IT SHALL BE VERY MUCH OPEN FOR THE ASSESSEE I.T.A NO.381/RAN/2018 BANESWAR TUDU 2 TO PLEAD HIS BEFORE THE ASSESSING OFFICER FOR FACTUAL AND LEGAL VERIFICATION INCLUDING APPLICATION OF SECTION 50C IN THE GIVEN FACTS AND CIRCUMSTANCES OF THE CASE. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. ORDER IS PRONOUNCED IN THE OPEN COURT ON 03.03.2020. SD/- (S. S. GODARA) JUDICIAL MEMBER DATED: 03.03.2020. RS COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) - 5. THE DR, ITAT, RANCHI 6. GUARD FILE BY ORDER SR. P.S., ITAT, RANCHI (ON TOUR)