SHRI GANESH UMRAOSINGH SINGHAL, Nagpur V. I.T.O. WARD -4(4), Nagpur

ITA 559/NAG/2016

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 7658 (ITAT-NAGPUR)
• Duration Of Justice: 1 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-01-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 07-11-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A R NINAWE
• Keywords: Sale consideration of property below Jantri Value
• Section: 50C

Judgement Text

1 ITA NO. 559/NAG/2016. IN THE INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER. (S.M.C.) I.T.A. NO. 559 /NAG/201 6 ASSESSMENT YEAR : 200 8 - 09 . GANESH UMRAOSINGH SINGHAL, THE INCOME - TAX OFFICER, NAGPUR. V. WARD - 4(4), NAGPUR. PAN ANJPS1382F. APPELLANT. RESPONDENT. APPELLANT BY : SHRI ABHAY AGRAWAL . RESPONDENT BY : SHRI A.R. NINAWE. DATE OF HEARING : 14 - 12 - 2016 DATE OF PRONOUNCEMENT : 3 RD JANUARY, 2017. O R D E R. T HIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST ORDER OF L EARNED CIT (APPEALS) - 4, NAGPUR DATED 26/08/2016 AND PERTAINS TO ASSESSMENT YEAR2008 - 2009. THE GROUNDS OF APPEAL READ AS UNDER : 1. THE ORDER PASSED BY THE LEARNED AO IS BAD IN LAW AND THE LEARNED CIT(A) ERRED IN UPHOLDING THE ORDER OF THE LEARNED AO. 2. THE LEA RNED AO ERRED IN MAKING ADDITION OF RS.9,27,000 ON ACCOUNT OF SHORT TERM CAPITAL GAINS ON SALE OF PLOT OF LAND. 3. THE LEARNED AO ERRED IN APPLYING PROVISIONS OF SECTION 50C IN A MECHANICAL MANNER. 4. THE LEARNED AO AND CIT(A) DID NOT PROVIDE THE ASSESSEE BENEFI T OF PROVISIONS OF SECTION 50C(2)&(3) OF THE ACT. 2. I N THIS CASE ASSESSEE HAS SOLD AN IMMOVABLE PROPERTY. THE A SSESSING 2 ITA NO. 559/NAG/2016. O FFICER HAS INVOKED PROVISIONS OF SECTION 50C. THE ASSESS EE IN THIS REGARD IS AG G RIEVED THAT AS PER THE PROVISIONS OF SUB - SECTION ( 2 ) AND ( 3 ) OF SECTION 50C THE A SSESSING O FFICER SHOULD HAVE REFERRED THE MATTER TO THE DEPARTMENTAL VALUATION OFFICER ( DVO). IN THIS REGARD L EARNED COUNSEL OF THE ASSESSEE HAS ALSO PLACED RELIANCE UPON H ONOURABLE CALCUTTA HIGH COURT DECISION IN THE CASE OF S K AG A RWAL VS. CIT 372 ITR 83. 3. THE ABOVE SUBMISSION OF THE ASSESSEE WAS BEFORE THE L EARNED CIT (APPEALS) ALSO. BUT THE L EARNED CIT (APPEALS) IN HIS WISDOM HAS CHOSEN TO IGNORE THE SAME. 4. IN MY CONSIDERED OPINION THIS IS NOT APPROPRIATE. RESPECTFULLY FOLLOWING THE DECISION FROM THE H ONOURABLE CALCUTTA HIGH COURT ( SUPRA ) I REMIT THIS ISSUE TO THE FILE OF THE A SSESSING O FFICER. THE A SSESSING O FFICER IS DIRECTED TO REMIT THE ISSUE FOR THE VALUATION BEFORE THE DVO AND THEREAFTER DECIDE AS PER LAW. 5. IN TH E RESULT THE APPEAL BY THE ASSESSEE STANDS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 3 RD DAY OF JANUARY., 2017. SD/ - ( SHAMIM YAHYA) A CCOUNTANT MEMBER. NAGPUR, DATED: 3 RD JANUARY , 201 7 . 3 ITA NO. 559/NAG/2016. COPY FORWARDED TO : 1. GANESH UMRAOSINGHAL, 107, VIMAL COMPLEX, GHAT ROAD, NAGPUR - 440018. 2. I.T.O., WARD - 4(4) , NAGPUR. 3. PR. C.I.T. - 3 , NAGPUR. 4. CIT(APPEALS), - 4 , NAGPUR. 5. D.R., ITAT, NAGPUR. 6. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR. WAKODE.