Smt P. Ammani, Bangalore V. DCIT, Bangalore

ITSSA 44/BANG/2008

• Counselvise Citation: [2010] 124 COUNSELVISE.COM (IT) 9499 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 8 month(s) 22 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 02-03-2010
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: A
• Next Hearing Date: 02-03-2010
• Assessment Year: misc
• Appeal Filed On: 10-06-2008
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: B; NARENDRA SHARMA ITSSA NO
• Keywords: Unexplained investment; Block assessment
• Section: 143(3)

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH A BEFORE DR. O.K NARAYANAN, VICE PRESIDENT AND SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER IT(SS)A NO.44 /BANG/ 2008 (BLOCK ASST. YEAR 1998-99 TO 2003-04) SMT. P AMMANI NO.1147, 12 TH MAIN, HAL 2 ND STAGE, INDIRANAGAR, BANGALORE-560 008. . APPELLANT VS. THE DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(2), BANGALORE-560 001. . RESPONDENT AND IT(SS)A NO.52/B/2008 (BLOCK ASST. YEAR -1.4.1997 TO 3.4.2003) THE DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(2), BANGALORE-560 001. . APPELLANT VS. SMT. P AMMANI NO.1147, 12 TH MAIN, HAL 2 ND STAGE, INDIRANAGAR, BANGALORE-560 008. . RESPONDENT REVENUE BY : SMT. JACINTA ZIMIK VASHAI, ADDL. C OMMISSIONER OF INCOME-T AX ASSESSEE BY : SHRI NARENDRA SHARMA, ADVOCATE IT(SS)A NO.44 & 52/B/08 2 O R D E R PER DR. O.K NARAYANAN, VICE PRESIDENT THESE ARE TWO CROSS-APPEALS FILED BY THE ASSESSEE AS WELL AS THE REVENUE. THESE CROSS APPEALS ARE BLOCK ASSESSMENT APPEALS. THEY ARE DIRECTED AGAINST THE COMMON ORDER OF THE CIT(A) -VI AT BANGALORE DATED 31.3.2008 AND ARISE OUT OF BLOCK ASSESSMENT C OMPLETED U/S 143(3) READ WITH SEC. 158BD OF THE INCOME-TAX ACT 1 961. 2. FIRST, WE WILL CONSIDER THE BLOCK ASSESSMENT FIL ED BY THE ASSESSEE IN IT(SS)A NO.44/B/2008. 3. THE TWO GROUNDS RAISED BY THE ASSESSEE IN HER AP PEAL ARE THAT THE CIT(A) IS NOT JUSTIFIED IN CONFIRMING THE CAPIT AL GAINS ADDITION AT RS.5,01,207/- IN THE CASE OF KGF PROPERTY AND CAPIT AL GAINS AT RS.1,77,038/- IN THE CASE OF DINDUGAL PROPERTY. 4. WE HEARD BOTH SIDES IN DETAIL AND CONSIDERED ALL THE ASPECTS OF THE CASE. WE MODIFY THE ADDITION IN RESPECT OF KGF PROPERTY TO RS.2 LAKHS. THE BALANCE ADDITION IN THE CASE OF KGF PRO PERTY AND THE ADDITION OF RS.1,77,038 IN RESPECT OF DINDUGAL PROP ERTY ARE DELETED. IT(SS)A NO.44 & 52/B/08 3 5. THE GROUND OF THE ASSESSEE THAT THE CAPITAL GAIN SHOULD BE ASSESSED AT 20% AND NOT AT 60% CANNOT BE ACCEPTED, AS THE ASSESSMENT HAS BEEN MADE AS A BLOCK ASSESSMENT AND ONLY ONE RA TE OF TAX IS PRESCRIBED U/S 113. 6. IN RESULT, THE GROUND IS DISMISSED. 7. NEXT, WE WILL CONSIDER THE APPEAL OF THE REVENUE IN IT(SS)A NO.52/B/2008. 8. THE ONLY GROUND RAISED BY THE REVENUE IS THAT TH E CIT(A) HAS ERRED IN DELETING THE ADDITION OF RS.4,98,688/- MAD E BY THE ASSESSING OFFICER TOWARDS UNEXPLAINED INVESTMENT IN JEWELLERY . 9. FOR THE REASONS STATED IN, THE CASE OF SMT. V. J EYANTHI, WE REINSTATE THE ADDITION TO THE EXTENT OF RS.1 LAKH.. 10. THE APPEAL FILED BY THE REVENUE IS ALLOWED TO T HE ABOVE EXTENT. IT(SS)A NO.44 & 52/B/08 4 11. IN RESULT, THE APPEAL FILED BY THE REVENUE AS W ELL AS THE ASSESSEE ARE PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON TUESDAY, THE 2ND DAY OF M ARCH, 2010, AT BANGALORE. SD/- SD/- (SHAILENDRA KUMAR YADAV) (DR. O.K NARAYA NAN) JUDICIAL MEMBER VICE PR ESIDENT VMS. COPY TO : 1. THE ASSESSEE 2. THE REVENUE 3.THE CIT CONCERNED. 4.THE CIT(A) CONCERNED. 5.DR 6.GF 7..GF, ITAT, NEW DELHI. BY ORD ER ASST. REGISTRAR, ITAT, BANGALOR E.