Padarthi Satyanarayana, Eluru V. The ACIT, Eluru

ITA 504/VIZ/2016

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 6696 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-09-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 26-12-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R S ARAVINDAKSHAN
• Section: 143(3); 147; 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM SMC BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, HON'BLE JUDICIAL MEMBER ITA NO. 504 / VIZ /201 6 (ASST. YEAR : 20 06 - 07 ) PADARTHI SATYANARAYANA, D.NO. 66B - 1 - 24, SANAGAPAPPU BAZAAR, SOUTHERN STREET, ELURU, W.G. DISTRICT. VS. A CIT, CIRCLE - 1, ELURU. PAN NO. AABHP 9590 D (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI G.V.N. HARI ADV OCATE . DEPARTMENT BY : SHRI R.S. ARAVINDAKSHAN SR. DR DATE OF HEARING : 12 / 0 9 /201 7 . DATE OF PRONOUNCEMENT : 15 / 0 9 /201 7 . O R D E R THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) - 2 , GUNTUR , DATED 25 / 1 0/201 6 FOR THE ASSESSMENT YEAR 2006 - 07 . 2. FACTS ARE IN BRIEF THAT THE ASSESSEE IS HUF, DERIVING INCOME FROM BUSINESS ACTIVITY OF MONEY LENDING, SHARE INCOME, PROPERTY INCOME AND INCOME FROM OTHER SOURCES, FILED HIS RETURN OF INCOME BY DECLARING TOTAL INCOME O F 6,52,870/ - INCLUSIVE OF INCOME FROM LONG TERM CAPITAL GAIN AMOUNTING TO 4,98,520/ - . THE RETURN FILED BY THE ASSESSEE WAS INITIALLY PROCESSED UNDER SECTION 143(1) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE 'ACT') AND THEREAFTER A NOT ICE UNDER SECTION 148 WAS ISSUED AND ASSESSMENT IS COMPLETED UNDER SECTION 143(3) READ WITH SEC. 147 OF THE ACT . IN THE ASSESSMENT ORDER , THE 2 ITA NO. 504 / VIZ /201 6 (PADARTHI SATYANARAYANA) ASSESSING OFFICER CALCULATED THE LONG TERM CAPITAL GAIN ON ACCOUNT OF VACANT SITE SOLD OF 600 SQ.YDS. WHILE CALCULATING THE LONG TERM CAPITAL GAIN , THE ASSESSING OFFICER HAS GIVEN THE BENEFIT OF INDEXATION COST BY TAKING INTO CONSIDERATION OF 1984 - 85 IS THE BASE YEAR FOR THE PURPOSE OF CALCULATION OF INDEXATION AND ACCORDINGLY INDEXATION COST DETERMINED BY THE A SSESSING OFFICER IS 3,33,984/ - . 3. ON APPEAL BEFORE THE LD. CIT(A) , IT WAS SUBMITTED THAT THE PROPERTY WAS ACQUIRED PRIOR TO 1981, THEREFORE, INDEXATION BENEFIT SHOULD BE GIVEN FROM 1981 ONWARDS. THE ASSESSEE HAS NOT FILED ANY EVIDENCE TO SUBSTANTIATE HIS CASE THAT THE PROPERTY IS ACQUIRED PRIOR TO 1981. THEREFORE, THE LD. CIT(A) HAS CONFIRMED THE ORDER OF THE ASSESSING OFFICER. EVEN BEFORE THE TRIBUNAL, NO EVIDENCE IS FILED TO SHOW THAT THE PROPERTY IS ACQUIRED PRIOR TO 1981. UNDER THESE FACTS AND CIRCUMSTANCES OF THE CASE , I AM OF THE OPINION THAT THE ASSESSEE IS NOT ABLE TO POINT OUT ANY ERROR COMMIT T ED BY THE LD. CIT(A) IN CONFIRM ING THE ORDER OF THE ASSESSING OFFICER. THEREFORE, I FIND NO INFIRMITY IN THE O RDER OF THE LD. CIT(A) . THUS, THIS APPEAL FILED BY THE ASSESSEE IS DISMISSED. 4 . IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON THIS 1 5 T H DAY OF SEPTEMBER , 201 7 . S D / - ( V. DURGA RAO ) JUDICIAL MEMBER DATED : 1 5 T H SEPTEMBER , 201 7 . 3 ITA NO. 504 / VIZ /201 6 (PADARTHI SATYANARAYANA) VR/ - COPY TO: 1. THE ASSESSEE - PADARTHI SATYANARAYANA, D.NO. 66B - 1 - 24, SANAGAPAPPU BAZAAR, SOUTHERN STREET, ELURU, W.G. DISTRICT. 2. THE REVENUE - ACIT, CIRLCE - 1, ELURU. 3. THE P CIT , RAJAHMUNDRY. 4. THE CIT(A) - 2, GUNTUR. 5. THE D.R. , VISAKHAPATNAM. 6. GUARD FILE. BY ORDER (VUKKEM RAMBABU) SENIOR PRIVATE SECRETARY, ITAT, VISAKHAPATNAM.