M/s Punjab Urban Planning & Development Authority, Mohali V. DCIT, Mohali

ITA 680/CHANDI/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 86154 (ITAT-CHANDIGARH)
• Duration Of Justice: 6 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-02-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 18-02-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 28-07-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: DR AMA RVEER SINGH
• Keywords: Capital receipt

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCH B CHANDIGARH BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI T.R.SOOD, ACCOUNTANT MEMBER ITA NO. 680/CHD/2014 ASSESSMENT YEAR: 2010-11 M/S PUNJAB URBAN PLANNING & VS THE DCIT, DEVELOPMENT AUTHORITY, CIRCLE 6(1), PUDA BHAWAN, MOHALI. SECTOR 62, MOHALI. PAN: AAALP0045J (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI PARIKSHIT AG GARWAL RESPONDENT BY : DR. AMARVEER SINGH DATE OF HEARING : 18.02.2015 DATE OF PRONOUNCEMENT : 19.02.2015 O R D E R PER BHAVNESH SAINI,JM THIS APPEAL BY ASSESSEE IS DIRECTED AGAINST THE ORD ER OF LD. CIT(APPEALS) CHANDIGARH DATED 28.05.2014 FOR ASSESSMENT YEAR 2010-11, CHALLENGING THE ADDITION O F RS. 22,13,010/- ON ACCOUNT OF INSTALLMENTS OF HOUSING SCHEMES SOLD UNDER TENANCY AGREEMENT OF HIRE PURCHA SE. 2. THE LD. CIT(APPEALS) NOTED THAT ASSESSEE WAS TRE ATING THE RECEIPTS FROM ALLOTTEES ON ACCOUNT OF INSTALLME NTS OF HOUSING SCHEMES AS CAPITAL RECEIPTS AND WAS SHOWING SUCH RECEIPTS UNDER HEAD WORK EXECUTED BY PUDA TILL TH E COMPLETION OF THE TENURE OF THE SCHEME. THE ASSESS ING 2 OFFICER HELD THESE RECEIPTS AS REVENUE RECEIPTS AND INCLUDED THIS AMOUNT IN THE TAXABLE INCOME OF THE ASSESSEE. THE LD. CIT(APPEALS) NOTED THAT THE ISS UE OF TAXABILITY OF AMOUNT OF INSTALLMENT AROSE IN EARLIE R YEARS ALSO AND ITAT CHANDIGARH VIDE ORDER DATED 06.12.201 3 IN ITA NO. 762/CHD/2007 IN ASSESSMENT YEAR 2003-04 DECIDED THE ISSUE AGAINST THE ASSESSEE. THE OPERAT IVE PORTION OF THE ORDER OF THE TRIBUNAL IS QUOTED IN P ARA 3.2 OF THE IMPUGNED ORDER. THE LD. CIT(APPEALS), THERE FORE, FOUND THAT FACTS OF THIS YEAR BEING IDENTICAL AND F OLLOWING THE ORDER OF THE TRIBUNAL HELD THAT THE INSTALLMENT S HAVE TO BE TAXED ON RECEIPT BASIS AND EXPENDITURE ON CONSTRUCTION RELATING TO THE HIRE PURCHASE SCHEME H AS TO BE ALLOWED. THE LD. CIT(APPEALS), THEREFORE, DIREC TED THE ASSESSING OFFICER ACCORDINGLY. THIS GROUND WAS PAR TLY ALLOWED. 3. THE LD. COUNSEL FOR THE ASSESSEE VERY FAIRLY STA TED THAT ISSUE IS COVERED AGAINST THE ASSESSEE BY JUDGEMENT OF ITAT CHANDIGARH BENCH IN THE CASE OF THE ASSESSEE FOR ASSESSMENT YEAR 2003-04 DATED 06.12.2013 (SUPRA). HE HAS FURTHER SUBMITTED THAT FACTS HAVE ALREADY BEEN EXAMINED AND THERE IS NO NEED FOR THE ASSESSING OFF ICER TO EXAMINE THE ISSUE AGAIN. 4. IN VIEW OF THE SUBMISSION OF LD. COUNSEL FOR THE ASSESSEE, WE DO NOT FIND ANY ERROR IN THE ORDER OF THE LD. CIT(APPEALS) IN FOLLOWING THE ORDER OF THE TRIBUNAL IN THE 3 CASE OF THE SAME ASSESSEE. THE APPEAL OF THE ASSES SEE HAS NO MERIT AND IS ACCORDINGLY DISMISSED. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON 19 TH FEBRUARY,2015. SD/- SD/- (T.R.SOOD) (BHAVNESH SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 19 TH FEBRUARY,2015. POONAM COPY TO: THE APPELLANT, THE RESPONDENT, THE CIT(A), THE CIT, DR ASSISTANT REGISTRAR, ITAT CHANDIGARH