Sulekha Devi, Ranchi V. ITO,Ward-3(1), Ranchi

ITA 46/RAN/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8307 (ITAT-RANCHI)
• Duration Of Justice: 1 year(s) 1 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-03-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 30-01-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: NISHA SINGHMARR J
• Assessee Lawyers: ROHIT KUMAR
• 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.46/RAN/2019 ASSESSMENT YEAR: 2014-15 SULEKHA DEVI C/O DR D. P. SHARMA, NORTH AVEUE, BARIATU, RANCHI, JHARKHAN-834009. VS. ITO, WARD-3(1), RANCHI PAN/GIR NO. : BCYPD5855P ( APPELL ANT ) .. (RESPONDENT) APPELLANT BY SHRI ROHIT KUMAR, A/R RESPONDENT BY SMT. NISHA SINGHMARR, JCIT(DR) DATE OF HEARING 05.03.2020 DATE OF PRONOUNCEMENT 05.03.2020 O R D E R S. S. GODARA(ORAL): THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS), JHARKHAND DATED 23.10.2018 PASSED IN CASE NO.CIT(A),RANCHI/10498/2016-17 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD SHRI ROHIT KUMAR FOR ASSESSEE AND SMT. NISHA SINGHMARR FOR THE DEPARTMENT. 2. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE RAISED IN THE INSTANT APPEAL SEEKS TO REVERSE LONG TERM CAPITAL GAINS ADDITION OF RS.25,28,219/- MADE IN THE COURSE OF ASSESSMENT AS UPHELD IN THE LOWER APPELLATE PROCEEDINGS. THE ASSESSING OFFICER ADMITTEDLY INVOKED SECTION 50C OF THE ACT THEREBY ADOPTING STAMP PRICE OF THE CAPITAL ASSET(S) SOLD HEREIN. THE ACTUAL SALE PRICE IN THE INSTANT CASE IS RS.16,00,000/- AS AGAINST THAT FOR STAMP VALUATION TO THE TUNE OF RS.28,51,000/-. 3. LEARNED DEPARTMENTAL REPRESENTATIVE FAILS TO DISPUTE THAT NEITHER THE ASSESSING OFFICER NOR THE CIT(A) HAD MADE SECTION 50C(2) REFERENCE TO THE DVO DESPITE THE SETTLED LEGAL PROPOSITION AS PER SUNIL KUMAR AGARWAL VS CIT 372 ITR 83 (CALCUTTA HIGH COURT) THAT THE SAME IS MANDATORY EVEN IF THE TAXPAYER DOES NOT RAISE ANY SUCH OBJECTION. I THEREFORE ACCEPT I.T.A NO.46/RAN/2019 SULEKHA DEVI 2 THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE FOR STATISTICAL PURPOSES AND RESTORE THIS ISSUE BACK TO THE ASSESSING OFFICER. 4. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. ORDER IS PRONOUNCED IN THE OPEN COURT ON 05.03.2020. SD/- (S. S. GODARA) JUDICIAL MEMBER DATED: 05.03.2020. 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)