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

ITA 699/CHANDI/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 95605 (ITAT-CHANDIGARH)
• Duration Of Justice: 2 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-10-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Next Hearing Date: 06-10-2015
• Assessment Year: 2012-2013
• Appeal Filed On: 30-07-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SUSHIL VERMAN
• Keywords: Capital receipt

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH,CHANDIGARH BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND MS. RANO JAIN, ACCOUNTANT MEMBER ITA NO. 699/CHD/2015 ASSESSMENT YEAR: 2012-13 M/S PUNJAB URBAN PLANNING & VS THE ACIT, DEVELOPMENT AUTHORITY, CIRCLE 6(1), PUDA BHAWAN, SECTOR 62, MOHALI. MOHALI. PAN: AAALP0045J (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI PARIKSHIT AGGA RWAL RESPONDENT BY : SHRI SUSHIL VERMAN DATE OF HEARING : 06.10.2015 DATE OF PRONOUNCEMENT : 07.10.2015 O R D E R PER BHAVNESH SAINI,JM THIS APPEAL BY ASSESSEE IS DIRECTED AGAINST THE ORDER OF LD. CIT(APPEALS)-II CHANDIGARH DATED 15.05.2015 FOR ASSESSMENT YEAR 2012-13 CHALLENGING THE ADDITION OF RS. 57,95,000/- ON ACCOUNT OF INSTALLME NT OF HOUSING SCHEME SOLD UNDER TENANCY AGREEMENT OF HIRE PURCHASE. THE ASSESSEE WAS STATING THE RECEIPTS FR OM ALLOTTEES ON ACCOUNT OF INSTALLMENTS OF HOUSING SCH EME AS CAPITAL RECEIPT AND WAS SHOWING SUCH RECEIPTS UN DER 2 THE HEAD WORK EXECUTED BY PUDA TILL THE COMPLETIO N OF THE TENURE OF THE SCHEME. THE ASSESSING OFFICER HEL D THAT THESE RECEIPTS ARE REVENUE RECEIPTS AND INCLUD ED THE AMOUNT OF RS. 57,95,000/- IN THE TAXABLE INCOME OF THE ASSESSEE. 2. THE LD. CIT(APPEALS) NOTED THAT THE IDENTICAL IS SUE OF TAXABILITY OF AMOUNT OF INSTALLMENT AROSE IN EARLIE R YEARS IN THE CASE OF THE ASSESSEE AND THE TRIBUNAL VIDE O RDER DATED 06.12.2013 IN ITA 762/2007 FOR ASSESSMENT YEA R 2003-04 DECIDED THE ISSUE AGAINST THE ASSESSEE. TH E LD. CIT(APPEALS), FOLLOWING THE DECISION OF THE TRIBUNA L IN THE CASE OF THE ASSESSEE IN EARLIER YEARS HELD THAT THE INSTALLMENTS HAVE TO BE TAXED ON RECEIPT BASIS AND EXPENDITURE ON CONSTRUCTION RELATING TO HIRE-PURCHA SE SCHEME HAS TO BE ALLOWED. THE ASSESSING OFFICER WA S, ACCORDINGLY DIRECTED. 3. THE LD. COUNSEL FOR THE ASSESSEE, AT THE OUTSET SUBMITTED THAT THE ITAT CHANDIGARH BENCH IN THE CAS E OF THE SAME ASSESSEE IN SUBSEQUENT ASSESSMENT YEAR AS WELL I.E. 2011-12 IN ITA 1098/2014 VIDE ORDER DATED 16.06.2015 FOLLOWING ITS EARLIER DECISION FOR ASSES SMENT YEAR 2003-04 DECIDED THE ISSUE AGAINST THE ASSESSEE . HE HAS, THEREFORE, SUBMITTED THAT ISSUE IS COVERED AGA INST THE ASSESSEE. 4. ON CONSIDERATION OF THE ABOVE FACTS IN THE LIGHT OF THE ORDERS OF THE TRIBUNAL IN THE CASE OF THE SAME ASSESSEE 3 IN EARLIER YEARS, WE FIND THAT ISSUE IS COVERED AGA INST THE ASSESSEE BY EARLIER ORDER OF THE TRIBUNAL. THEREFO RE, THERE IS NO ERROR IN THE ORDER OF THE LD. CIT(APPEALS) IN CONFIRMING THE ADDITION AGAINST THE ASSESSEE. 5. IN THE RESULT, ASSESSEE'S APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (RANO JAIN) (BHAVNES H SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 7 TH OCT., 2015. POONAM COPY TO: THE APPELLANT, THE RESPONDENT, THE CIT(A), THE CIT,DR ASSISTANT REGISTRAR, ITAT/CHD