Income Tax Officer, Ward-1, Gudur V. Smt Sannareddy Vasumathi, Nellore

ITA 728/HYD/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 66254 (ITAT-HYDERABAD)
• Duration Of Justice: 3 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-09-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2009-2010
• Appeal Filed On: 10-05-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NIVEDITA BISWAS
• Assessee Lawyers: R V SESHAIAH NAIDU
• Keywords: Sale consideration of property below Jantri Value; Tax effect
• Section: 54F

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A', HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER I.T.A. NO. 728/HYD/2012 ASSESSMENT YEAR 2009-10 THE INCOME TAX OFFICER WARD-1 GUDUR V. SMT. SANNAREDDY VASUMATHI, KATTUVAPALLI, SPS NELLORE DIST. PAN: AIZPS0050C APPELLANT RESPONDENT APPELLANT BY: SMT. NIVEDITA BISWAS RESPONDENT BY: SRI R.V. SESHAIAH NAIDU DATE OF HEARING: 30.08.2012 DATE OF PRONOUNCEMENT: 07.09.2012 O R D E R PER CHANDRA POOJARI, AM: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE CIT(A), GUNTUR DATED 7.3.2012 FOR ASSESSMENT YEAR 2009- 10. 2. THE REVENUE RAISED THE GROUND THAT THE CIT(A) ERRED IN GRANTING DEDUCTION U/S. 54F OF THE ACT, THOUGH THE ASSESSEE PURCHASED THE PROPERTY SITUATED AT THE INDUSTRIAL E STATE AND WHICH IS NOT A RESIDENTIAL PROPERTY AND THE CIT(A) FAILED TO APPRECIATE THAT THE ASSESSEE HAS NOT CONSTRUCTED AN Y RESIDENTIAL HOUSE ON THE SAID VACANT LAND TILL THE DATE OF DISP OSAL OF THE FIRST APPEAL. 3. AFTER HEARING BOTH THE SIDES, WE FIND THE TAX EFFEC T IN THE REVENUE APPEAL IS LESS THAN RS. 3 LAKHS. IN VIEW O F THE INSTRUCTION NO. 3 OF 2011 (F. NO. 279/MISC. 142/200 7-ITJ), DATED 9TH FEBRUARY, 2011 ISSUED BY THE CBDT, THE PRESENT APPEAL OF THE REVENUE INVOLVING TAX EFFECT OF LESS THAN RS. 3 LAKHS IS NOT I.T.A. NO. 728/HYD/2012 SMT. SANNAREDDY VASUMATHI ======================= 2 MAINTAINABLE BEFORE THIS TRIBUNAL AND ACCORDINGLY T HE SAME IS DISMISSED IN LIMINE WITHOUT ADMITTING THE SAME. 4. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 7 TH SEPTEMBER, 2012. SD/- (SAKTIJIT DEY) JUDICIAL MEMBER SD/- (CHANDRA POOJARI) ACCOUNTANT MEMBER HYDERABAD, DATED 7 TH SEPTEMBER, 2012 TPRAO COPY FORWARDED TO: 1. INCOME TAX OFFICER, WARD-1, NARASINGRAOPET, GUDU R, SPS NELLORE DISTRICT 524 101. 2. SMT. SANNAREDDY VASUMATHI, KATTUVAPALLI, SPS NEL LORE DISTRICT. 3. THE CIT(A), GUNTUR. 4. THE CIT, GUNTUR. 5. THE DR A BENCH, ITAT, HYDERABAD