The Income-tax Officer, Abohar V. M/s. Sikander Cotton Oil & General Mills, Abohar

ITA 426/ASR/2013

• Counselvise Citation: 42620914 RSA 2013
• Duration Of Justice: 1 year(s) 11 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 02-06-2015
• Assessment Year: 1995-1996
• Appeal Filed On: 17-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: TARSEM LAL
• Assessee Lawyers: ANIL PURI
• Keywords: Capital asset

Judgement Text

IN THE INCOME TAX APPELLATE TRI BUNAL AMRITSAR BENCH; AMRITSAR. BEFORE SH. PRAMOD KUMAR, ACCOUNTANT MEMBER AND SH. A.D.JAIN, JUDICIAL MEMBER I.T.A. NO. 426/ASR/2013 ASSESSMENT YEAR: 1995-96 PAN : ------------------ THE INCOME TAX OFFICER, WARD -II(3), ABOHAR VS. M/S SIKANDAR COTTON OIL & GENERAL MILL, H.H. BAZAR NO. 4, MANDI NO. 1, ABOHAR (APPELLANT) (RESPONDENT) APPELLANT BY: SH. TARSEM LAL RESPONDENT BY: SH. ANIL PURI DATE OF HEARING: 02.06.2015 DATE OF PRONOUNCEMENT: 03.06.2015 ORDER PER A.D.JAIN (JM): IN THIS APPEAL, FILED BY THE DEPARTMENT FOR ASSESSM ENT YEAR 1995-96, THE FACTS, IN BRIEF, ARE THAT THE TRIBUNAL, VIDE OR DER DT. 30/05/2008 [APB 29- 50], UPHELD THE REOPENING OF THE ASSESSEES COMPLET ED ASSESSMENT, SUCH REOPENING HAVING BEEN DONE BY THE AO ON THE BASIS O F THE DVOS REPORT RECEIVED AFTER COMPLETION OF THE ASSESSMENT. THE HO NBLE HIGH COURT, VIDE ORDER DT. 02/07/2014 [COPY PLACED ON RECORD], HELD THAT THE REFERENCE UNDER SECTION 55 A OF THE I.T. ACT TO THE DVO FOR ASCERTA INING THE FAIR MARKET ITA NO. 426/ASR/2013 AY- 1995-96 2 VALUE OF THE CAPITAL ASSET, FOR THE PURPOSES OF COM PUTING THE CAPITAL GAIN, WAS UNJUSTIFIED. 2. CONSEQUENT TO THE ABOVE THE TRIBUNAL ORDER DT. 3 0/05/2008 (SUPRA), THE AO PASSED ASSESSMENT ORDER 09/12/2009,MAKING ADDITI ON OF RS. 32,60,683/-, REPRESENTING SHORT TERM CAPITAL GAIN ARISING OUT OF SALE OF LAND AND BUILDING , BEING THE DIFFERENCE IN THE MODIFIED VALUATION REPO RT OF THE DVO, JODHPUR AND THE SALE PRICE SHOWN BY THE ASSESSEE [ RS. 44,6 0,683.00 - 12,00,000.00 ]. 3. THE LD. CIT(A), VIDE ORDER DT. 19/03/2013, I.E., THE ORDER IMPUGNED IN THE PRESENT APPEAL, DELETED THE AFORESAID ADDITION MADE BY THE AO. 4. BEFORE US, THE LD. DR, WHILE CHALLENGING THE IMP UGNED ORDER, HAS SOUGHT TO PLACE STRONG RELIANCE ON THE ASSESSMENT O RDER. 5. THE LD. COUNSEL FOR THE ASSESSEE, ON THE OTHER H AND, HAS ATTRACTED OUR ATTENTION TO THE ORDER OF THE HONBLE HIGH COURT. 6. THE POSITION THUS IS, THAT THE VERY BASIS OF THE ADDITION MADE BY THE AO, AS DELETED BY THE LD. CIT(A), WHICH ACTION IS U NDER CHALLENGE AT THE HANDS OF THE DEPARTMENT BEFORE US, STANDS EFFACED B Y THE HONBLE HIGH COURT, ONCE THE VERY REFERENCE TO THE DVO FOR ASCER TAINING THE FAIR MARKET ITA NO. 426/ASR/2013 AY- 1995-96 3 VALUE OF THE CAPITAL ASSET FOR COMPUTING THE CAPITA L GAIN, HAS BEEN HELD TO BE UNJUSTIFIED BY THEIR LORDSHIPS. 7. IN VIEW OF THE ABOVE, FINDING NO JUSTIFICATION I N THE GRIEVANCE OF THE DEPARTMENT, THE SAME IS HERE BY REJECTED. 8. IN THE RESULT, THE APPEAL FIELD BY THE REVENUE I S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 03 /06/2015. SD/- SD/- (PRAMOD KUMAR) ( A.D. JAIN) ACCOUNTANT MEMBER JUDIC IAL MEMBER DATED: 03.06.2015 AG COPY TO: 1.THE APPELLANT, 2. THE RESPONDENT, 3. THE CIT, 4. THE CIT(A), 5. THE DR BY ORDER (ASSISTANT REGISTRAR) INCOME TAX APPELLATE TRIBUNAL, AMRITSAR BENCH: AMRITSAR