ACIT CIR 4(2), MUMBAI V. MIDCITY BHOOMI DEVELOPERS P.LTD, MUMBAI

ITA 6897/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92371 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-04-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 27-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AKHILENDRA YADAV

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F MUMBAI . . , , BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER . / ITA NO. 6897/MUM/2013 / ASSESSMENT YEAR 2010-11 THE ACIT, CIR.4(2), ROOM NO.642, 6 TH FLOOR, M.K.ROAD, MUMBAI 400 020 / VS. M/S.MIDCITY BHOOMI DEVELOPERS PVT. LTD. DHEERAJ PLAZA, 4 TH FLOOR, OPP. BANDRA POLICE STATION, HILL ROAD, BANDRA(WEST), MUMBAI 400 050 ! ./ ./ PAN/GIR NO. : AACCM 6805E ( !$ / APPELLANT ) .. ( %&!$ / RESPONDENT ) APPELLANT BY SHRI AKHILENDRA YADAV RESPONDENT BY : SHRI SANJIV M. SHAH ( ) * / DATE OF HEARING : 23/04/2015 ( ) * / DATE OF PRONOUNCEMENT : 23/04/2015 / O R D E R PER I.P.BANSAL, JM: THIS IS AN APPEAL FILED BY THE REVENUE AND IT IS D IRECTED AGAINST ORDER PASSED BY LD.CIT(A)-8, MUMBAI DATED 2/9/2013 FOR AS SESSMENT YEAR 2010-11. GROUNDS OF APPEAL READ AS UNDER: 1. 'ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD.CIT(A) ERRED IN DELETING THE ADDITION ON ACCOUNT OF SALE OF FLATS W ITHOUT APPRECIATING THE FACT THAT TRANSACTIONS IN IMMOVABLE PROPERTIES CANNOT BE AT LOWER VALUE THAN THAT DETERMINED BY THE STAMP DUTY AUTHORITIES'. 2. 'ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE IMPUGNED ORDER OF THE LD.CIT(A) IS CONTRARY TO LAW AND CONSEQUENTLY M ERITS TO BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED'. . / ITA NO. 6852/MUM/2013 / ASSESSMENT YEAR 2009-10 2 2. THE ASSESSEE IS A BUILDER AND DEVELOPER. DURING THE COURSE OF ASSESSMENT PROCEEDINGS THE AO ADDED A SUM OF RS.62, 69,150/- TO THE INCOME OF THE ASSESSEE BEING DIFFERENCE OF THE AGREEMENT V ALUE AND MARKET VALUE. THE DIFFERENCE WAS CALCULATED AS UNDER: S.NO. NAME OF THE PARTY MARKET VALUE AGREEMENT VALUE DIFFERENCE. 1. SAILESH R. GOYAL 5289300 3486250 18,03,050 2. HAROON GAFFAR AGWAN 6350500 3150400 32,00,100 3. DR. SHAHI A. MERCHANT 5602500 4336500 12,6 6,000 GRAND TOTAL 62,69,150 2.1 SIMILAR ADDITION WAS MADE TO THE INCOME OF THE ASSESSEE IN THE ASSESSMENT YEAR 2008-09 WHICH WAS DELETED BY LD. CI T(A) AND ORDER PASSED BY LD. CIT(A) WAS CONFIRMED BY THE TRIBUNAL VIDE ORDER DATED 15/6/2012 IN ITA NO.5099/MUM/2011, COPY OF THE SAID ORDER WAS FILED ON OUR RECORD AND WAS ALSO GIVEN TO LD. DR. FOLLOWING THE AFOREMENTIONE D ORDER OF THE TRIBUNAL LD. CIT(A) HAS DELETED THE ADDITION . THE REVENUE IS A GGRIEVED AND HAS FILED AFOREMENTIONED GROUNDS OF APPEAL. 3. RELEVANT PORTION OF THE ORDER PASSED BY THE TRIB UNAL HAS BEEN REPRODUCED IN THE ORDER PASSED BY LD. CIT(A). THER EFORE, FOR THE SAKE OF BREVITY THE SAME IS NOT AGAIN REPRODUCED. IN THIS VIEW OF THE SITUATION, AFTER HEARING BOTH THE PARTIES WE DECLINE TO INTERFERE IN THE RE LIEF GRANTED BY LD. CIT(A) AS THE RELIEF GRANTED BY LD. CIT(A) IS BASED ON THE DE CISION OF ITAT ON SIMILAR ISSUE IN THE CASE OF THE ASSESSEE ITSELF IN RESPECT OF AS SESSMENT YEAR 2008-09. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 23/04/2015 ( 0 1 2 23/04/2015 ( SD/- SD/- ( / N.K.BILLAIYA ) ( . . / I.P. BANSAL ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI; 1 DATED 23/04/2015 . / ITA NO. 6852/MUM/2013 / ASSESSMENT YEAR 2009-10 3 / COPY OF THE ORDER FORWARDED TO : 1. !$ / THE APPELLANT 2. %&!$ / THE RESPONDENT. 3. 4) ( ) / THE CIT(A)- 4. 4) / CIT 5. 56 %)78 , * 78 , / DR, ITAT, MUMBAI 6. 9 / GUARD FILE. / BY ORDER, & 5) %) //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI . . ./ VM , SR. PS