Smt. Ratan Kanwar, BIKANER V. ITO, BIKANER

ITA 532/JODH/2014

• Counselvise Citation: 53223314 RSA 2014
• Duration Of Justice: 10 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-09-2015
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 27-10-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: S L MAURYA
• Assessee Lawyers: R N JANGID
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C

Judgement Text

1 ITA-532/JODH/2014 IN THE INCOME TAX APPELLATE TRIBUNAL JODHPUR BENCH, JODHPUR BEFORE SHRI G.C. GUPTA, HONBLE VICE PRESIDENT AND SHRI R.C. SHARMA, HONBLE ACCOUNTANT MEMBER ITA NO.532/JODH/2014 ASSESSMENT YEAR : 2012-13 SMT. RATAN KANWAR, VS. INCOME TAX OFFICER, W/O LATE THAKUR MANGAL SINGH, WARD-2(2), SANKHU HOUSE, BIKANER. BIKANER. PAN : CEWPK6430C. (APPELLANT) (RES PONDENT) APPELLANT BY : SHRI R.N. JANGID, ADVOCATE. RESPONDENT BY : SHRI S.L. MAURYA, D.R. DATE OF HEARING : 31.08.2015 DATE OF PRONOUNCEMENT : 04.09.2015 ORDER PER G.C. GUPTA, VICE PRESIDENT : THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YEAR 2012-13 IS DIRECTED AGAINST THE ORDER OF LEARNED CIT(A), BIKANER DATED 25 TH SEPTEMBER, 2014. 2. THE GROUNDS OF APPEAL OF THE ASSESSEE ARE AS UNDER: - ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD.CIT(A) HAS ERRED IN I) SUSTAINING ADDITION OF RS.12,23,53,290/- MADE BY THE LD.AO BY INVOKING PROVISION OF SECTION 50C OF IT ACT, 1961 I N TOTAL DISREGARD TO THE FACT THAT ORDER OF SUB-REGISTRAR, LEVYING HIGHER ST AMP DUTY WAS SET ASIDE BY THE KAR BOARD, RAJASTHAN, AJMER AND THUS VERY FOUND ATION OF ADDITION DOES NOT SURVIVE. II) SUSTAINING THE ADDITION AS AFORESAID IN TOTAL D ISREGARD TO THE FACT THAT THERE WAS NO EVIDENCE IN SUPPORT OF THE FACT THAT A NY AMOUNT OF CONSIDERATION HAS PASSED TO THE APPELLANT OVER AND ABOVE THE VALUE OFFERED AS PER SALE DEED. 2 ITA-532/JODH/2014 3. LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT IN THIS CASE, VERY HEAVY ADDITION WAS MADE BY INVOKING PROVISION OF SECTION 50C OF THE AC T ON THE BASIS OF THE AREA RATE NOTIFIED BY THE SUB-REGISTRAR AND THE FACT IS THAT THE ORDER OF THE SUB-REGISTRAR LEVYING HEAVY STAMP DUTY ITSELF WAS SET ASIDE BY THE RAJASTHAN KAR BOARD, RA JASTHAN AND THE SUB-REGISTRAR WAS YET TO DECIDE THE NEW AREA RATE FOR THE PROPERTY IN QUESTI ON. 4. LEARNED DR HAS RELIED ON THE ORDER OF THE ASSESS ING OFFICER AND THE LEARNED CIT(A). 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND HAV E PERUSED THE ORDER OF THE ASSESSING OFFICER AND THE LEARNED CIT(A). WE FIND THAT THE ADDITION WAS MADE IN THIS CASE BY INVOKING THE PROVISION OF SECTION 50C OF THE ACT AND THE AREA RATE AS PER THE SUB-REGISTRAR HAS BEEN ADOPTED AS THE SALE CONSIDERATION OF THE P ROPERTY IN QUESTION. HOWEVER, THE ORDER OF THE SUB-REGISTRAR ITSELF HAS BEEN SET ASIDE BY THE RAJASTHAN KAR BOARD, AJMER VIDE THEIR ORDER DATED 31.03.2014 IN REVIEW APPLICATION NO.140 5/2012/JAIPUR AND 1949/2012/JAIPUR AND HAS BEEN RESTORED TO THE FILE OF THE COLLECTOR WITH CERTAIN DIRECTIONS WHICH INCLUDES HEARING TO THE PURCHASER AND SELLER OF THE PROPERTY IN QUESTION AND CERTAIN APPLICABLE JUDICIAL NOTIFICATIONS ETC. AND TO REASSESS THE MARKET VALUE OF THE PROPERTY IN QUESTION AND TO PASS THE ORDER AFRESH IN ACCORDANCE WITH LAW. IN THESE FACT S, WE ARE OF THE VIEW THAT THERE REMAINS NO BASIS FOR ADOPTING THE VALUE OF THE PROPERTY AS PER THE ORDER OF THE SUB-REGISTRAR BY INVOKING THE PROVISION OF SECTION 50C OF THE ACT AND, ACCORD INGLY, THE ORDERS OF AUTHORITIES BELOW ARE SET ASIDE AND RESTORED TO THE FILE OF THE ASSESSING OFFICER WITH DIRECTION TO PASS A DE NOVO ASSESSMENT ORDER IN ACCORDANCE WITH LAW IN THE LIGH T OF THE DECISION OF THE COLLECTOR AS PER THE DIRECTIONS OF THE RAJASTHAN KAR BOARD DATED 31. 03.2014 AND AFTER ALLOWING DUE OPPORTUNITY OF HEARING TO THE ASSESSEE. WE DIRECT ACCORDINGLY. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 04.09.2015. SD/- SD/- (R.C. SHARMA) (G.C. GUPTA) ACCOUNTANT MEMBER VICE PRESIDENT VK. 3 ITA-532/JODH/2014 COPY OF THE ORDER FORWARDED TO : 1. APPELLANT : SMT. RATAN KANWAR, W/O LATE THAKUR MANGAL SINGH, SANKHU HOUSE, BIKANER. 2. RESPONDENT : INCOME TAX OFFICER, WARD-2(2), BIKA NER. 3. CIT 4. CIT(A) 5. D.R., ITAT. ASSISTANT REGISTRAR