The ACIT, Central Circle-1(2), Ahmedabad V. Shri Amrutlal Shivram Patel, Kalol

ITSSA 298/AHD/2016

• Counselvise Citation: [2018] 122 COUNSELVISE.COM (IT) 3865 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 9 month(s) 16 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 03-08-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2010-2011
• Appeal Filed On: 17-10-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K DAVE
• Keywords: Sale consideration of property below Jantri Value; Tax effect
• Section: 143(3); 50C; 234B

Judgement Text

, C IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, AHMEDABAD BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMEBR ./ I.T(SS).A. NO. 298/AHD/2016 ( ASSESSMENT YEAR : 2010-11) A.C.I.T., CENTRAL CIRCLE 1(2), AHMEDABAD / VS. SHRI AMRUTLAL SHIVRAM PATEL, B-24, ISHWARKRUPA SOCIETY, PANCHVATI VISTAR, HIGHWAY, KALOL - 382721 ./ ./ PAN/GIR NO. : ABIPP8846L ( APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : SHRI S. K. DAVE, SR. D.R. / RESPONDENT BY : NONE DATE OF HEARING 31/07/2018 '# / DATE OF PRONOUNCEMENT 03/08/2018 / O R D E R PER PRADIP KUMAR KEDIA - AM: THE CAPTIONED APPEAL HAS BEEN FILED AT THE INSTANCE OF THE REVENUE AGAINST THE ORDER OF THE CIT(A)-11, AHMEDAB AD (CIT(A) IN SHORT), DATED 07.07.2016 ARISING IN TH E ASSESSMENT ORDER DATED 25.02.2015 PASSED BY THE ASSESSING OFFI CER (AO) UNDER S. 143(3) R.W.S. 153A(1)(B) OF THE INCOME TAX ACT, 1961 (THE ACT) CONCERNING ASSESSMENT YEAR 2010-11. IT(SS)A NO.298/AHD/16 [ACIT VS. SHRI AMRUTLAL S. PA TEL] A.Y. 2010-11 - 2 - 2. THE GROUNDS OF APPEAL RAISED BY THE REVENUE REA DS AS UNDER:- 1. THE LD. AO HAS ERRED IN LAW AND ON FACT IN MAKI NG ADDITION OF RS. 61,46,294/- TO THE TOTAL INCOME, WITHOUT APPRECIATI NG THE FACTS OF THE CASE, AND SUBMISSIONS OF THE APPELLANT. IT IS THEREFORE, PRAYED THAT THE ASSESSMENT SO MADE MAY KINDLY BE QUASHED AS BAD-IN-LAW. 2. THE LD. AO HAS ERRED IN LAW AND ON FACTS IN MAKING ADDITION U/S. 50C OF RS. 61.46294/- ON THE BASIS OF JANTRI VALUE, WHEREAS, T HE BANAKHAT I.E. AGREEMENT FOR SALE WAS EXECUTED MUCH PRIOR TO THE F ORMAL SALE DEED EXECUTED. THE JANTRI VALUE IS FOR PAYMENT OF STAMP DUTY ON SUCH DOCUMENTS AND POT FOR SALE CONSIDERATION COMPUTATION. IT IS T HEREFORE PRAYED THAT ADDITION MADE U/S. 50C AT JANTRI VALUE MAY KINDLY B E DELETED. 3. THE LD. AO HAS ERRED IN CHARGING INTEREST U /S 234B OF THE ACT; THE SAME MAY BE REDUCED / CANCELLED. _ 4. THE LD. AO HAS ERRED IN LAW AND ON FACT IN INITIATING PENALTY PROCEEDINGS U/S 271(1)(C) OF THE ACT, THE SAME MAY KINDLY BE CANCEL LED. 3. AT THE TIME OF HEARING, IT WAS SUBMITTED BY THE LD.AR FOR THE ASSESSEE THAT THE APPEAL FILED BY THE REVENUE I S HIT BY RECENTLY ISSUED CBDT CIRCULAR NO.3 OF 2018 DATED 11/07/2018 REVISING THE PREVIOUS THRESHOLDS PERTAINING TO TAX EFFECTS. AS PER AFORESAID CIRCULAR, ALL PENDING APPEALS FILED BY REVENUE ARE LIABLE TO BE DISMISSED AS A MEASURE FOR REDUCING LITIGATION WHER E THE TAX EFFECT DOES NOT EXCEED THE PRESCRIBED MONETARY LIMIT WHICH IS NOW REVISED AT RS.20 LAKHS. IN THE INSTANT CASE, THE T AX EFFECT ON THE DISPUTED ISSUES RAISED BY THE REVENUE IS STATED TO BE NOT EXCEEDING RS.20 LAKHS AND THEREFORE APPEAL OF THE R EVENUE IS REQUIRED TO BE DISMISSED IN LIMINE . 4. THE LEARNED DR FOR THE REVENUE FAIRLY ADMITTED T HE APPLICABILITY OF THE CBDT CIRCULAR NO. 3 OF 2018. A CCORDINGLY, APPEAL OF THE REVENUE IS DISMISSED AS NOT MAINTAINA BLE. HOWEVER, IT(SS)A NO.298/AHD/16 [ACIT VS. SHRI AMRUTLAL S. PA TEL] A.Y. 2010-11 - 3 - IT WILL BE OPEN TO THE REVENUE TO SEEK RESTORATION OF ITS APPEAL ON SHOWING INAPPLICABILITY OF THE AFORESAID CBDT CIRCU LAR IN ANY MANNER. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. SD/- SD/- (MAHAVIR PRASAD) (PRADIP KUMA R KEDIA) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD: DATED 03/08/2018 TRUE COPY S. K. SINHA !'#' / COPY OF ORDER FORWARDED TO:- &. / REVENUE 2. / ASSESSEE (. )*+ , / CONCERNED CIT 4. ,- / CIT (A) /. 012 33*+4 *+#4 56) / DR, ITAT, AHMEDABAD 7. 289 : / GUARD FILE. BY ORDER / 4 /5 *+#4 56) THIS ORDER PRONOUNCED IN OPEN COURT ON 03/08/201 8