Sri Sushil Kumar Gupta, Hardoi V. Wealth Tax Officer, Ward-3(3), Hardoi

WTA 06/LKW/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 0190 (ITAT-LUCKNOW)
• Duration Of Justice: 1 year(s) 7 month(s) 20 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 27-06-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 06-11-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Fair market value

Judgement Text

W.T.A. NOS.01 TO 07/LKW/2017 ASSTT. YRS:2011-12 & 2012-13 1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH A, LUCKNOW BEFORE SHRI A. D. JAIN, VICE PRESIDENT AND SHRI T. S. KAPOOR, ACCOUNTANT MEMBER W.T.A. NO.01 & 02/LKW/2017 ASSTT. YRS:2011-12 & 2012-13 SMT. SADA PYARI, GIPSON GANJ, RAILWAY GANJ, HARDOI. PAN:ALLPP 7821 Q VS. WEALTH TAX OFFICER, WARD-3(3), HARDOI. (APPELLANT) (RESPONDENT) W.T.A. NO.03 & 04/LKW/2017 ASSTT. YRS:2011-12 & 2012-13 SMT. SUNITA GUPTA, GIPSON GANJ, RAILWAY GANJ, HARDOI. PAN:AGAPG 2358 P VS. WEALTH TAX OFFICER, WARD-3(3), HARDOI. (APPELLANT) (RESPONDENT) W.T.A. NO.05 & 06/LKW/2017 ASSTT. YRS:2011-12 & 2012-13 SHRI SUSHIL KUMAR GUPTA, GIPSON GANJ, RAILWAY GANJ, HARDOI. PAN:AGAPG 2357 C VS. WEALTH TAX OFFICER, WARD-3(3), HARDOI. (APPELLANT) (RESPONDENT) W.T.A. NO.07/LKW/2017 ASSESSMENT YEAR:2012-13 SMT. HANSMUKHI GUPTA, GIPSON GANJ, RAILWAY GANJ, HARDOI. PAN:AZRPG 7721 J VS. WEALTH TAX OFFICER, WARD-3(3), HARDOI. (APPELLANT) (RESPONDENT) W.T.A. NOS.01 TO 07/LKW/2017 ASSTT. YRS:2011-12 & 2012-13 2 O R D E R PER T. S. KAPOOR, A.M. THESE SEVEN APPEALS HAVE BEEN FILED BY FOUR DIFFER ENT ASSESSEES OF THE SAME GROUP IN VARIOUS YEARS AGAINST THE SEPARAT E ORDERS OF LEARNED CIT(A), BAREILLY ALL DATED 17/08/2017. 2. THE GRIEVANCE OF ALL THE ASSESSEES IN ALL YEARS IN THIS CASE IS THE ACTION OF LEARNED CIT(A) BY WHICH HE HAS CONFIRMED THE ACT ION OF WEALTH TAX OFFICER WHO HAD VALUED THE PROPERTIES OF ASSESSEES ON THE BASIS OF CIRCLE RATE FOR ALL THE PROPERTIES. 3. LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED BEFOR E US THAT THE WEALTH TAX OFFICER HAD WRONGLY VALUED THE PROPERTIES ON TH E BASIS OF CIRCLE RATE WHEREAS THE FAIR MARKET VALUE OF EVERY PROPERTY DEP ENDS UPON THE TOTAL AREA, TYPE OF LAND AND SURROUNDING SITUATIONS. LEA RNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ACTUAL CIRCLE RATE OF T HE AREA IN RESPECT OF RESIDENTIAL PLOT IS RS.1,200/- PER SQ. MTR. AS ON 3 1/03/2011 WHEREAS THE WEALTH TAX OFFICER HAD VALUED THE PROPERTIES ON THE BASIS OF CIRCLE RATE AND LEARNED CIT(A) HAD WRONGLY CONFIRMED THE ACTION OF THE WEALTH TAX OFFICER. 4. LEARNED D. R., ON THE OTHER HAND, SUPPORTED THE ORDERS OF THE AUTHORITIES BELOW. 5. WE HAVE HEARD THE RIVAL PARTIES AND HAVE GONE TH ROUGH THE MATERIAL PLACED ON RECORD. WE FIND THAT THE WEALTH TAX OFFI CER HAD VALUED ALL THE APPELLANT BY SHRI SANJAY SAXENA, F.C.A. RESPONDENT BY S HRI C. K. SINGH, D.R. DATE OF HEARING 26 / 0 2 /201 9 DATE OF PRONOUNCEMENT 28/02/2019 W.T.A. NOS.01 TO 07/LKW/2017 ASSTT. YRS:2011-12 & 2012-13 3 PROPERTIES ON THE BASIS OF CIRCLE RATE WHEREAS THE CLAIM OF THE ASSESSEE IS THAT THE ACTUAL CIRCLE RATE OF VILLAGE NAGHETA, IN RESPECT OF RESIDENTIAL PLOT, IS RS.1,200/- PER SQ. MTR AS ON 31/03/2011, AS IS EVID ENT FROM THE REPORT AVAILABLE ON PAGE 4 OF THE PAPER BOOK, ISSUED BY RE GISTRAR OFFICE, HARDOI WHICH SHOWS THAT THE VALUATION DONE BY THE WEALTH T AX OFFICER IS NOT AS PER THIS REPORT. AS PER REPORT OF THE REGISTRAR OFFICE, HARDOI, THE CIRCLE RATE OF PROPERTY UPTO 30 SQ. MTR. IS RS.1,500/- PER SQ. MTR . AND PROPERTY AFTER 30 SQ. MTR. RS.1,200/- PER SQ. MTR. UNDER THESE FACTS, WE FEEL THAT THE MATTER SHOULD GO BACK TO THE FILE OF THE WEALTH TAX OFFICE R, WHO SHOULD VALUE THE PROPERTIES AFRESH IN ACCORDANCE WITH ITS MARKET RAT ES AND SHOULD ALSO CONSIDER THE CIRCLE RATES AS POINTED OUT BY LEARNED A. R. 6. IN THE RESULT, ALL THE APPEALS OF THE ASSESSEES STAND ALLOWED FOR STATISTICAL PURPOSES. (ORDER PRONOUNCED IN THE OPEN COURT ON 28/02/2019) SD/. SD/. ( A. D. JAIN ) ( T. S. KAPOOR ) VICE PRESIDENT ACCOUNTANT MEMBER DATED:28/02/2019 *SINGH COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT. 3. CONCERNED CIT 4. THE CIT(A) 5. D.R., I.T.A.T., LUCKNOW ASSISTANT REGISTRAR