Appeal details
Counselvise Citation
[2009] 115 COUNSELVISE.COM (IT) 2410 (ITAT-INDORE)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
1 year(s) 11 month(s) 27 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
09-12-2009
Appeal Filed By
Assessee
Order Result
Dismissed
Bench Allotted
DB
Next Hearing Date
09-12-2009
Assessment Year
2004-2005
Appeal Filed On
12-12-2007
Judgement Text
PAGE 1 OF 3 - I.T.A.NO. 756/IND/2007 SHRI DEEPAK GUPTA, P/O PRAKASH NAMKEEN UDYOG,INDORE . IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH : INDORE BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI V.K. GUPTA, ACCOUNTANT MEMBER PAN NO. : ACHPG3251 I.T.A.NO. 756/IND/2007 A.Y. : 2004-05 SHRI DEEPAK GUPTA, INCOME-TAX OFFICER, C/O RATANLAL RAWKA, VS 4(1), 456, M.G. ROAD, INDORE. INDORE. APPELLANT RESPONDENT APPELLANT BY : SHRI KAMLESH JAIN, ADV. RESPONDENT BY : SMT.APARNA KARAN, SR. DR DATE OF HEARING : 09/12/2009 O R D E R PER V.K. GUPTA, A.M. THIS APPEAL FILED BY THE ASSESSEE ARISES OUT OF ORD ER OF THE LD. CIT(A)-II, INDORE, DATED 21.9.2007, FOR THE ASSESSM ENT YEAR 2004-05. 2. WE HAVE HEARD BOTH THE PARTIES AND HAVE ALSO PERUSE D THE MATERIAL AVAILABLE ON RECORD. 3. IN THIS APPEAL, THE ASSESSEE IS AGGRIEVED BY THE D ECISION OF THE LD. CIT(A) IN CONFIRMING THE ADDITION OF RS. 3,55,4 62/- MADE BY THE ASSESSING OFFICER. PAGE 2 OF 3 - I.T.A.NO. 756/IND/2007 SHRI DEEPAK GUPTA, P/O PRAKASH NAMKEEN UDYOG,INDORE . 4. THE FACTS, IN BRIEF, ARE THAT THE ASSESSEE SOLD A P ROPERTY FOR RS. 9,01,000/-, WHICH WAS VALUED BY THE REGISTRAR OF S TAMP DUTY AT RS. 16,46,000/-, THE A.O. ADOPTED THIS VALUE FOR WORKIN G OUT THE SALE CONSIDERATION. THEREAFTER, THE A.O. ADOPTED THE ACT UAL COST OF ACQUISITION INCURRED BY THE ASSESSEE FOR PURCHASING THE SAID PR OPERTY INSTEAD OF STAMP DUTY VALUATION ADOPTED BY THE REGISTRATION AUTHORIT IES AT THE TIME OF PURCHASE OF THIS PROPERTY BY THE ASSESSEE, WHICH WA S CLAIMED AS A COST OF ACQUISITION BY THE ASSESSEE. AGGRIEVED BY THIS, THE ASSESSEE CARRIED THE MATTER INTO APPEAL BEFORE THE LD. CIT(A), WHEREIN T HE ASSESSEE REITERATED THE SUBMISSIONS MADE BEFORE THE A.O. HOWEVER, THE L D. CIT(A) CONFIRMED THE ACTION OF THE A.O. FOR THE REASON THA T SECTION 50-C OF THE ACT WAS A DEEMING PROVISION AND APPLICABLE FOR ADOP TION OF SALE PRICE ONLY IN THE CASE OF THE SELLER AND HAD NO APPLICATI ON IN THE CASE OF PURCHASER. AGGRIEVED BY THIS, THE ASSESSEE IS IN AP PEAL BEFORE US. 5. THE LEARNED COUNSEL FOR THE ASSESSEE NARRATED THE F ACTS AND REITERATED THE SUBMISSIONS MADE BEFORE THE LD. CIT( A). 6. THE LD. DEPARTMENTAL REPRESENTATIVE, ON THE OTHER H AND, PLACED STRONG RELIANCE ON THE ORDER OF THE LD. CIT(A). 7. WE HAVE CONSIDERED THE SUBMISSIONS MADE BY BOTH THE SIDES, MATERIAL ON RECORD AND THE ORDERS OF THE AUTHORITIE S BELOW. PAGE 3 OF 3 - I.T.A.NO. 756/IND/2007 SHRI DEEPAK GUPTA, P/O PRAKASH NAMKEEN UDYOG,INDORE . 8. IT IS NOTED THAT THE ASSESSEE IS TRYING TO ADOPT A COST OF ACQUISITION AT THE STAMP DUTY VALUATION INSTEAD OF ACTUAL COST PAID BY IT BY MAKING AN INTERPRETATION OF SECTION 50C IN ALTOGETH ER DIFFERENT MANNER. THE PROVISIONS OF SECTION 50-C ARE CLEAR WHICH PROV IDE FOR ADOPTION OF STAMP DUTY VALUATION INSTEAD OF SALE CONSIDERATION SHOWN BY THE ASSESSEE. HENCE, THERE IS NO MERIT IN THIS CONTENTION OF THE ASSESSEE. ACCORDINGLY, WE DISMISS ALL THE GROUNDS OF THE ASSESSEE IN THIS APPEAL. 9. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 09 TH DECEMBER, 2009. SD/- SD/- (JOGINDER SINGH) (V. K. GUPTA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 9 TH DECEMBER, 2009. CPU* 91512
