Pradeep Kumar Jain, New Delhi V. DCIT, circle-26(2), Delhi

ITA 4326/DEL/2018

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 9579 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 3 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-09-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2012-2013
• Appeal Filed On: 05-06-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Sale consideration of property below Jantri Value; Fair market value
• Section: 50C; 54F; 2(22)(e)

Judgement Text

Page 1 of 4 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘F’: NEW DELHI BEFORE, SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.4326/Del/2018 (ASSESSMENT YEAR 2012-13) Pradeep Kumar Jain 312-Avadh Complex D-5, Laxmi Nagar Delhi PAN-ABRPJ 7296F Vs. Dy.CIT Circle-26(2) Delhi (Appellant) (Respondent) Appellant by Letter dated 29/09/2022 Respondent by Ms. Meenakshi Dohare, Senior Departmental Representative (“Sr. DR” for short) ORDER PER ANADEE NATH MISSHRA, AM: (A) This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-13, New Delhi [“Ld. CIT(A)”, for short], dated 18/11/2016 for Assessment Year 2012-13. Grounds taken in this appeal are as under: “1. That the learned Assessing Officer and CIT(A) erred in law and fact by adding an amount of Rs.339026/- U/s 2(22)(e) as deem dividend. ITA No.4326/Del/2018 Pradeep Kumar Jain vs. DCIT Page 2 of 4 Hence addition of deem dividend u/s 2(22)(e) for Rs.339026/- uncalled for arbitrary very very excessive, ought to be deleted. 2. That the learned Assessing Officer and CIT(A) erred in law & fact by adding an amount of long term capital gain amounting to Rs.2714000/- u/s 50C. Hence addition of Rs.2714000/- u/s 50C is uncalled for arbitrary very very excessive, ought to be deleted. 3. That the learned Assessing Officer and CIT(A) erred in law & fact without giving a benefit of investment u/s 54F amounting to Rs.16500000/-, which is against the principal of natural justice. Hence benefit of section 54F of the Act on Rs.16500000/- ought to have been allowed. 4. That the learned Assessing Officer and CIT(A) erred in law and fact by not referring the matter to DVO or calculating the fair market value of the immovable property, which is mandatory u/s 50C. Hence, the addition of Rs.2714000/- is uncalled for arbitrary very very excessive, as the mandatory provisions has not been followed, ought to be deleted.” (B) Vide letter dated 29.09.2022, it was intimated that the assessee opted for Vivad se Vishwas Scheme, 2020 (“VSVS”, for short) and that the Designated Authority had already issued Form-5 under VSVS. A copy of Form-5 issued by the Designated Authority was also enclosed with the aforesaid letter; and the assessee applied for withdrawal of appeal. The learned Sr. DR for Revenue submitted before us, at the time of hearing, that the appeal has become infructuous in view of the assessee opting for VSVS; and that the appeal may be dismissed as withdrawn. After due consideration and in view of the foregoing, we are of the opinion ITA No.4326/Del/2018 Pradeep Kumar Jain vs. DCIT Page 3 of 4 that this appeal has become infructuous on account of aforesaid VSVS, and that this appeal may be treated as withdrawn on account of the aforesaid VSVS. Accordingly, this appeal having become infructuous, is treated as withdrawn and is hereby dismissed. (B.1) Before we part, we hereby clarify, by way of abundant caution, that if for some reason the disputes under this appeal before us are not settled under the aforesaid VSVS, then the assessee will be at liberty to approach ITAT for restoration of this appeal in accordance with law. (C) In the result, this appeal of the assessee is dismissed. This order was already pronounced orally on 29 th September, 2022 in Open Court, in the presence of representatives of both sides, after conclusion of the hearing. Now this order in writing is signed today on 30/09/2022. /- Sd/- Sd/- (KUL BHARAT) (ANADEE NATH MISSHRA) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 30/09/2022 ITA No.4326/Del/2018 Pradeep Kumar Jain vs. DCIT Page 4 of 4 Pk Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW, DELHI