Income-tax Officer, V. M/s. Jai Ganesh Co-op. Housing Society Ltd., Raigad

ITA 542/PUN/2016

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 0481 (ITAT-PUNE)
• Duration Of Justice: 6 year(s) 2 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-06-2022
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 27-03-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Sale consideration of property below Jantri Value; Capital asset
• Section: 144

Judgement Text

आयकर अपीऱीय अधिकरण “ए” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI S.S.GODARA, JM AND SHRI DR. DIPAK P. RIPOTE, AM आयकर अपीऱ सं. / ITA No.542/PUN/2016 ननधधारण वषा / Assessment Year : 2008-09 I.T.O. Word -3, Panvel .......अपऩलधथी / Appellant बनधम / V/s. M/s. Jai Ganesh Co-Op Hsg.Society Ltd., C/o Shri Jayendra C. Naik, Chairman of the Society, House No.382, Mothe Nagaon, Opp. Ganpati Temple, Uran,Dist – Raigad- 400702 PAN : AABAJ8098H ......प्रत्यथी / Respondent आयकर अपीऱ सं. / ITA No.2921/PUN/2016 ननधधारण वषा / Assessment Year : 2008-09 M/s. Jai Ganesh Co-Op Hsg. Society Ltd., C/o Shri Jayendra C. Naik, Chairman of the Society, House No.382, Mothe Nagaon, Opp. Ganpati Temple, Uran,Dist – Raigad- 400702 PAN : AABAJ8098H .......अपऩलधथी / Appellant बनधम / V/s. I.T.O. Word -3, Panvel ......प्रत्यथी / Respondent Assessee by : None Revenue by : Shri Rajeev Kumar & Shri S.P.Walimbe सपनवधई की तधरऩख / Date of Hearing : 12.05.2022 घोषणध की तधरऩख / Date of Pronouncement : 08.06.2022 2 ITA No. 592 & 2921/PUN/2017 M/s. Jai Ganesh Co-Op Hsg.Society. Ltd.,, आदेश / ORDER PER S. S. GODARA, JM : 1. These Revenue‟s and assessee‟s cross appeal for Assessment Year 2008-09 arise against the CIT(A) -2 Aurangabad‟s order dated 18.01.2016 passed in case No. THN/CIT(A)-2/359/2014-15 involving proceeding u/s 144 r.w.s.147 of the Income Tax Act, 1961 in short the “Act.” Cases called twice. None appears at assessee‟s behest. It is accordingly proceeded ex-parte. 2. Coming to the Revenue‟s sole substantive grievance regarding fair market value of assessee‟s capital asset as Rs. 5,94,96,000/-, we note with the able assistance coming from the Departmental side that this taxpayer had neither transferred any “land nor a building” as specified u/s.50C(1) of the Act but only its lease hold rights in the „CIDCO‟ area. We thus hold that such a leasehold rights are nowhere covered u/s.50C(1) going by specified categories therein as per stricter interpretation recently reiterated in Commissioner of Customs Vs. Dilip Kumar and Co. (2018) 9 SCC 1(SC) (FB). We accordingly reject the Revenue‟s instant sole substantive grievance as well as the main appeal ITA No. 542/PUN/2016. 3. Next comes the assessee‟s cross appeals challenging correctness of both the lower authorities action adding the alleged unaccounted cash component of Rs.5,94,96,000/- in issue. The Revenue vehemently argued that both the learned authorities have gone by the seized material annexure O-2(extracted 3 ITA No. 592 & 2921/PUN/2017 M/s. Jai Ganesh Co-Op Hsg.Society. Ltd.,, in page 12 in assessment order dated 24.03.2014) clearly indicating cash “paid to Jai Ganesh Co-operative ... members”. It further invokes the necessary presumption of correctness given to the such seized documents u/s 292C as well. 4. We find no substance in Revenue‟s forgoing arguments supporting the impugned addition. This is for the precise reason that the alleged seized document itself rebuts the presumption in assessee‟s favour once its members only had received the payment who are separately assessable in their individual capacity(ies). We further make it clear that the learned lower authorities have nowhere quoted any other cogent evidence since they have only gone by above seized document. We accordingly accept the assessee‟s sole substantive grievance as well as its cross appeal ITA No. 2921/MUM/2016 in very terms. Ordered accordingly. 5. This Revenues appeal ITA 542/PUN/2016 is dismissed and assessee‟s cross appeal ITA No. 2921/MUM/2016 is allowed in above terms. A copy of this common order be placed in the respective case files. Order pronounced in the Open Court on this 8 th day of June, 2022. Sd/- Sd/- S (DR.DIPAK P.RIPOTE) (S.S. GODARA) लेखध सदस्य/ ACCOUNTANT MEMBER न्यधनयक सदस्य/JUDICIAL MEMBER पपणे / Pune; ददनधांक / Dated : 8 th June, 2022. Ashwini 4 ITA No. 592 & 2921/PUN/2017 M/s. Jai Ganesh Co-Op Hsg.Society. Ltd.,, आदेश की प्रनतनलनप अग्रेनषत / Copy of the Order forwarded to : 1. अपऩलधथी / The Appellant. 2. प्रत्यथी / The Respondent. 3. The CIT(A)-2, Aurangabad. 4. The Pr.CIT-2, Thane 5. नवभधगऩय प्रनतनननध, आयकर अपऩलऩय अनधकरण, “ए” बेंच, पपणे / DR, ITAT, “A” Bench, Pune. 6. गधर्ा फ़धइल / Guard File. आदेशधनपसधर / BY ORDER, // True Copy // Senior Private Secretary आयकर अपऩलऩय अनधकरण, पपणे / ITAT, Pune. 5 ITA No. 592 & 2921/PUN/2017 M/s. Jai Ganesh Co-Op Hsg.Society. Ltd.,, S.No. Details Date Initials 1 Draft dictated on 12.05.2022 2 Draft placed before author 06.06.2022 3 Draft proposed & placed before the Second Member 4 Draft discussed/approved by Second Member 5 Approved Draft comes to the Sr. PS/PS 6 Kept for pronouncement on 7 Date of uploading of Order 8 File sent to Bench Clerk 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order