Ashok Bajirao , Hyderabad V. Income Tax Officer, Ward-7(1) , Hyderabad

ITA 420/Hyd/2020

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 0754 (ITAT-HYDERABAD)
• Duration Of Justice: 6 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-02-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2009-2010
• Appeal Filed On: 30-07-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: BALA KRISHNA
• Keywords: Sale consideration of property below Jantri Value; Cost of acquisition
• Section: 50C

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES SMC : HYDERABAD (THROUGH VIRTUAL CONFERENCE) BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER IT A NO. 42 0 /H/20 20 ASSESSMENT YEAR: 20 09 - 10 ASHOK BAJIRAO, HYDERABAD. P AN BFQPB 4317K VS. INCOME - TAX OFFICER, WARD 7( 1 ), HYDERABAD. (APPELLANT) (RESPONDENT) ASSESSEE BY: NONE REVENUE BY: SHRI BALA KRISHNA DATE OF HEARING: 0 4 /0 2 /2021 DATE OF PRONOUNCEMENT: 17/ 0 2 /2021 O R D E R T H IS ASSESSEE S APPEAL FOR AY 20 10 - 11 IS DIRECTED AGAINST THE C I T(A) - 3 , HYDERABAD S ORDER DATED 18 / 0 2 / 20 20 PASSED IN CASE NO. 101 25 /20 18 - 19 /A3/ CIT(A) 3 I NVOLVING PROCEEDINGS U/S 1 4 3(3) RWS 147 OF THE INCOME TAX ACT , 1961 ; IN SHORT THE ACT. 2. NONE APPEARED AT ASSESSEES BEHEST. THEREFORE, I PROCEED TO DISPOSE OF THIS APPEAL EX - PARTE AFTER HEARING I TA NO. 42 0 /HYD/ 2020 ASHOK BAJIRAO, H YD. : - 2 - : LEARNED DR AS WELL AS GOING THROUGH THE FACTS AVAILABLE ON RECORD. 3 . I NOTICE AT THE OUTSET THAT ASSESSEE S INST ANT APPEAL SUFFERS FROM 93 DAYS DELAY IN FILING. LEARNED COUNSEL SUBMITTED THAT DUE TO THE OUTBREAK OF PANDEMIC COVID 19 UNABLE TO GET THE DOCUMENTS FROM THE DEPARTMENT WHICH CAUSED THE IMPUGNED DELAY IN FILING OF THE INSTANT APPEAL. CASE LAW COLLECTOR LAND ACQUISITION VS MST. KATIJI & ORS, 1987 AIR 1353 (SC) AND UNIVERSITY OF DELHI VS. UNION OF INDIA, CIVIL APPEAL NO. 9488 & 9489/2019 DATED 17 DECEMBER, 2019, HOLD THAT SUCH A DELAY; SUPPORTED BY COGENT REASONS, DESERVES TO BE CONDONED SO A S TO MAKE WAY FOR THE CAUSE OF SUBSTANTIAL JUSTICE. I ACCORDINGLY HOLD THAT ASSESSEES IMPUGNED DELAY OF 93 DAYS IS NEITHER INTENTIONAL NOR DELIBERATE BUT DUE TO THE CIRCUMSTANCES BEYOND HIS CONTROL. CASE IS NOW TAKEN UP FOR ADJUDICATION ON MERITS. 4 . WI TH THE ABLE ASSISTANCES COMING FROM REVENUE SIDE QUA THE ASSESSEE SOLE INSTANT GRIEVANCE THAT BOTH THE LOWER AUTHORITIES HAVE ERRED IN LAW AND ON FACTS IN MAKING SHORT I TA NO. 42 0 /HYD/ 2020 ASHOK BAJIRAO, H YD. : - 3 - : TERM CAPITAL GAIN ADDITION OF RS. 29,46,500/ - . I FIND THAT ALTHOUGH SECTION 50C HAS BEEN INVOKED IN THE ASSESSMENT ORDER DATED 19/12/2016 , NEITHER THE A SSESSING O FFICER NOR THE CIT(A) HA D MADE THE STATUTORY REFERENCE TO THE DVO U/S 50C(2) HELD TO BE MANDATORY IN SUNIL KUMAR AGARWAL VS. CIT 372 ITR 83 (CAL.) NOR HAS HE GRANTED THE CREDIT OF COST OF ACQUISITION THEREBY TAKING THE LAT T E R AMOUNT AS NIL ONLY ; I THEREFORE DEEM IT FIT AND PROPER TO RESTORE THE INSTANT ISSUE BACK TO THE A SSESSING O FFICER FOR HIS FRESH AD JUDICATION ON MERITS. IT IS MADE IT CLEAR THAT THE ASSESSEE SHALL BE AT LIBERTY TO RAISE ALL FACTUAL/LEGAL ARGUMENTS IN CONSEQUENTIAL PROCEEDINGS. 5 . THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES IN ABOVE TERMS . PRONOUNCED IN THE OPEN COURT ON 17 TH FEBRUARY , 2021 . SD/ - ( S.S. GODARA ) JUDICIAL MEMBER HYDE RABAD, DATED : 17 TH FEBRUARY , 20 2 1 . K V I TA NO. 42 0 /HYD/ 2020 ASHOK BAJIRAO, H YD. : - 4 - : C OPY TO : 1 ASHOK BAJIRAO, 12 - 1 - 490/40/B/38, HUDA COLONY, ASIF NAGAR, HYDERABAD 500 02 8 2 IT O , WARD 7 ( 1 ), 8 TH FLOOR, SIGNATURE TOWERS, HYDERABAD 500 084 3 C I T(A) 3 , HYDERABAD. 4 PR. CIT 3 , HYDERABAD 5 ITAT, DR, HYDERABAD. 6 GUARD FILE.