ACIT CIR 12(3), MUMBAI V. SURESH V. GODBOLE, MUMBAI

ITA 4239/MUM/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3914 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-07-2013
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: E
• Assessment Year: 2008-2009
• Appeal Filed On: 19-06-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: NEELA C JHADAV; PARAS S SALVE
• Keywords: Sale consideration of property below Jantri Value; Fair market value
• Section: 50C

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI . . , . ! , '# ' $ BEFORE SHRI I.P. BANSAL, JM AND SHRI SANJAY ARO RA, AM ./ I.T.A. NO. 4239/MUM/2012 ( % % % % & & & & / ASSESSMENT YEAR : 2008-09 THE ACIT, CIR.12(3), R.NO.137, 1 ST FLOOR, AAYKAR BHAVAN, MK ROAD, MUMBAI - 400 020 % % % % / VS. SHRI SURESH V. GODBOLE, PROP. MARKET ENGG. WORK, 817, RAHEJA CHAMBERS, 213, NARIMAN POINT, MUMBAI 400021. ' '# ./ ( ./ PAN/GIR NO. : AABPG2581P ( ') / APPELLANT ) .. ( *+') / RESPONDENT ) ') , ' / APPELLANT BY: SHRI AARSI PRASAD *+') - , ' / RESPONDENT BY : SHRI PARAS S. SALVE & MS. NEELA C. JHADAV % - .# / DATE OF HEARING : 18/07/2013 / & - .# / DATE OF PRONOUNCEMENT : 18/07/2013 '0 / O R D E R PER I.P.BANSAL,J.M: THIS IS AN APPEAL FILED BY THE REVENUE. IT IS DI RECTED AGAINST THE ORDER PASSED BY LD. CIT(A)-23, MUMBAI DATED 26/04/2012 FO R THE ASSESSMENT YEAR 2008-09. THE GROUNDS OF APPEAL READ AS UNDER: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD. CIT(A) HAS ERRED IN DELETING THE PENALTY OF RS.15,56,062/- U/S 271(1)(C) IN RESPECT OF ADDITION MADE U/S. 50C OF THE IT. ACT 1961 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD. CIT(A) FAILED TO APPRECIATE THE FACT THAT THE ASSESSEE HAS NOT FURNISHED TRUE AND CORRECT PARTICULARS OF HIS INCOME FROM SALE OF PROPERTY AND THE CORRECT AMOUNT OF THE LONG TERM CAPITAL GAIN IS ASCERTAINED DURING ASSESSMENT PROCEEDINGS BY INVOKING PROVISION OF SECTION 50C OF THE I.T.ACT, 1961 WHICH WAS UPHELD BY THE CIT(A). ./ I.T.A. NO. 4239/MUM/2012 ( % % % % & & & & / ASSESSMENT YEAR : 2008-09 2 3. THE APPELLANT PRAYS THAT THE ORDER OF THE CIT(A ) ON THE ABOVE GROUND(S) BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE REST ORED. 4. THE APPELLANT CRAVES LEAVE TO AMEND OR ALTER AN Y GROUND OR ADD A NEW GROUND WHICH MAY BE NECESSARY. 2. AT THE OUTSET IT MAY BE MENTIONED THAT THE IMPUG NED ADDITION IN RELATION TO WHICH CONCEALMENT PENALTY HAS BEEN LEVIED HAS BEEN SET ASIDE BY THE TRIBUNAL VIDE ITS ORDER DATED 20/07/2012 IN ITA NO.5910/MUM/ 2011 WITH THE FOLLOWING OBSERVATIONS: 5. WE HAVE CAREFULLY CONSIDERED THE RIVAL SUBMISSI ONS IN THE LIGHT OF THE MATERIAL PLACED BEFORE US. THE SOLE GRIEVANCE OF THE ASSESSE E IN THE PRESENT APPEAL IS REGARDING DENIAL OF THE REFERENCE TO THE VALUATION OFFICER AS ACCORDING TO THE ASSESSEE THE VALUE TAKEN BY THE STAMP DUTY AUTHORIT IES IS HIGHER THAN THE FAIR MARKET VALUE. THE ASSESSEE HAD OBJECTED FOR ADOPTIO N OF SUCH VALUE AT THE STAGE OF ASSESSMENT ITSELF AND THIS OBJECTION OF THE ASSESSE E HAS BEEN RECORDED IN THE ASSESSMENT ORDER ITSELF. TAKING INTO CONSIDERATION THE FACTS OF THE CASE AND AFOREMENTIONED TWO DECISIONS OF THE COORDINATE BENC H, WE ARE OF THE OPINION THAT THE MATTER SHOULD BE RESTORED BACK TO THE FILE OF T HE ASSESSING OFFICER WITH THE DIRECTION TO REFER THE VALUATION OF THE IMPUGNED PR OPERTY TO THE VALUATION OFFICER AND THEREAFTER THIS ISSUE SHOULD BE RE-ADJUDICATED AS PER PROVISIONS OF LAW. WE DIRECT ACCORDINGLY. 3. IN THIS VIEW OF THE SITUATION AFTER HEARING BO TH THE PARTIES WE RESTORE THE PRESENT APPEAL RELATING TO LEVY OF CONCEALMENT PENA LTY ALSO TO THE FILE OF AO WITH A DIRECTION TO RE-ADJUDICATE THIS ISSUE AFTER DECIDI NG THE QUANTUM PROCEEDINGS RESTORED TO THE FILE OF AO VIDE AFOREMENTIONED ORDE R. WE ORDER ACCORDINGLY. 4. IN THE RESULT, FOR STATISTICAL PURPOSES THE APP EAL OF THE REVENUE IS TREATED AS ALLOWED IN THE MANNER AFORESAID. ORDER PRONOUNCED IN THE OPEN COURT ON 18/07/2013 . '0 - & #' 1 2%3 18/07/2013 - 4 SD/- SD/- ( SANJAY ARORA) (I.P.BANSAL) /ACCOUNTANT MEMBER '# /JUDICIAL MEMBER MUMBAI; 2% DATED 18/07/2013 ./ I.T.A. NO. 4239/MUM/2012 ( % % % % & & & & / ASSESSMENT YEAR : 2008-09 3 '0 '0 '0 '0 - -- - *.56 *.56 *.56 *.56 7'6&. 7'6&. 7'6&. 7'6&. / COPY OF THE ORDER FORWARDED TO : 1. ') / THE APPELLANT 2. *+') / THE RESPONDENT. 3. 8 ( ) / THE CIT(A)- 4. 8 / CIT 5. 694 *.% , , / DR, ITAT, MUMBAI 6. 4: ; / GUARD FILE. '0% '0% '0% '0% / BY ORDER, +6. *. //TRUE COPY// < << < / = = = = (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI . % . .VM , SR. PS