Asstt. Commissioner of Income Tax, Lucknow V. Shri Bhupesh Bansal, Lucknow

ITA 564/LKW/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 4642 (ITAT-LUCKNOW)
• Duration Of Justice: 1 year(s) 8 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 04-03-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 03-07-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 69

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH A, LUCKNOW BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER ITA NO.564 TO 567/LKW/2014 ASSESSMENT YEAR:2006 07 TO 2009 10 SHRI BHUPESH BANSAL, V 1/ 78, SECTOR B, ALIGANJ, LUCKNOW 226024. PAN:ACMPB7394N VS A.C.I.T., CENTRAL CIRCLE II, LUCKNOW. (RESPONDENT) (APPELLANT) SHRI AMIT NIGAM, D. R. APPELLANT BY NONE RESPONDENT BY 04/03/2016 DATE OF HEARING 17/03/2016 DATE OF PRONOUNCEMENT O R D E R PER BENCH: ALL THESE FOUR APPEALS ARE REVENUES APPEALS DIRE CTED AGAINST FOUR SEPARATE ORDERS PASSED BY LEARNED CIT(A) III, LUCKNOW ALL DATED 27/03/2014 FOR THE ASSESSMENT YEAR 2006 07 TO 2009 10. 2. ALL THESE APPEALS WERE FIXED FOR HEARING ON SEVE RAL DATES AND ON EACH DATE, LEARNED AR OF THE ASSESSEE SOUGHT ADJOURNMENT AND A DJOURNMENT WAS GRANTED ON HIS REQUEST BUT IT WAS MADE CLEAR THAT THIS IS LAST CHA NCE. SUCH ADJOURNMENT WITH LAST CHANCE WAS GRANTED ON 15.12.2015, 28.12.2015, 21.01 .2016, 04.02.2016 AND 10.02.2016. ON 25.02.2016 ALSO, THE HEARING WAS ADJ OURNED AND THE NEXT DATE GIVEN WAS 04.03.2016 WITH LAST CHANCE. ON 04.03.2016 ALSO , LEARNED AR OF THE ASSESSEE SHRI P. K. KAPOOR MOVED AN ADJOURNMENT APPLICATION WHICH WAS REJECTED AND THE APPEALS WERE HEARD AFTER GRANTING AN OPTION TO THE LEARNED AR OF THE ASSESSEE TO FILE WRITTEN SUBMISSIONS WITHIN A WEEK BUT NO WRITTEN SUBMISSION S ARE FILED TILL 16.03.2016. LEARNED DR OF THE REVENUE SUPPORTED THE ASSESSMENT ORDER IN ALL FOUR YEARS. HE ALSO PLACED RELIANCE ON THE JUDGMENT OF HONBLE ANDHRA PRADESH HIGH COURT RENDERED IN THE CASE OF BHARATHI CEMENT CORPORATION PVT. LTD. VS. CIT, 3 56 ITR 74 AS CITED IN GROUND NO. 2 IN ALL FOUR APPEALS. 2 3. WE HAVE CONSIDERED THE SUBMISSIONS OF LEARNED DR OF THE REVENUE AND GONE THROUGH THE ORDERS OF CIT (A). WE FIND THAT LEARNED CIT (A) IN ALL FOUR YEARS HAS FOLLOWED THE JUDGMENT OF HONBLE APEX COURT RENDERE D IN THE CASE OF SARGAM CINEMA VS. CIT AS REPORTED IN 197 TAXMAN 203 AND HELD THAT THE REFERENCE TO DVO ITSELF IS NOT VALID BECAUSE THE SAME IS WITHOUT REJECTING THE BOO KS OF ACCOUNT. LEARNED DR OF THE REVENUE COULD NOT CONTROVERT THIS FINDING OF CIT (A ) THAT IN THE PRESENT CASE, IN ALL FOUR YEARS, THE REFERENCE TO DVO BY THE AO WAS WITHOUT R EJECTING THE BOOKS. HENCE, THIS ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE BY THIS JUDGMENT OF HONBLE APEX COURT RENDERED IN THE CASE OF SARGAM CINEMA VS. CIT (SUPR A) AND THEREFORE, THE JUDGMENT OF HONBLE ANDHRA PRADESH HIGH COURT RENDERED IN THE C ASE OF BHARATHI CEMENT CORPORATION PVT. LTD. VS. CIT (SUPRA) HAS NO RELEVA NCE. IN THIS SITUATION, WE FIND NO REASON TO INTERFERE IN THE ORDER OF CIT (A) ON THIS ASPECT. 4. IN ADDITION TO THIS, LEARNED CIT (A) HAS DECIDED THE ISSUE ON MERIT ALSO IN FAVOUR OF THE ASSESSEE IN ALL FOUR YEARS BY OBSERVING THAT THE REPORT OF THE DVO IS ONLY AN ESTIMATE OF THE VALUE BUT U/S 69 OF I T ACT, ONLY UN DISCLOSED INVESTMENT CAN BE ADDED AND NOT THE VALUE OF INVESTMENT. HE HAS CONSIDERED AN EXAMPLE THAT IF THE INVESTMENT IN BUILDING WAS RS. 1 LAC IN 2003 AND NOW, THE VALU E OF THE SAME BUILDING IN 2013 BECOMES RS. 10 LACS, THEN NO ADDITION CAN BE MADE O F THE DIFFERENCE OF RS. 9 LACS. LEARNED DR OF THE REVENUE COULD NOT CONTROVERT THIS FINDING OF CIT (A) ALSO THAT IN THE PRESENT CASE, IN ALL FOUR YEARS, THE REPORT OF DVO IS ONLY ABOUT ESTIMATE OF THE VALUE AND NOT OF UNDISCLOSED INVESTMENT. HENCE, ON MERIT ALSO, WE FIND NO INFIRMITY IN THE ORDER OF CIT (A). 6. IN THE RESULT, ALL THE FOUR APPEALS OF THE REVENU E ARE DISMISSED. (ORDER WAS PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED ON THE CAPTION PAGE) SD/. SD/. (SUNIL KUMAR YADAV) ( A. K. GAROD IA ) JUDICIAL MEMBER ACCOUNTANT MEMB ER DATED:17 TH MARCH, 2016 *SINGH COPY OF THE ORDER FORWARDED TO : 1.THE APPELLANT 2.THE RESPONDENT. 3.CONCERNED CIT 4.THE CIT(A) 5.D.R., I.T.A.T., LUCKNOW ASSTT. REGISTRAR