Deepak N.Jain, CHENNAI v. ITO Non Corporate Ward 4(3), CHENNAI

ITA 2613/CHNY/2018 | 2015-2016
Pronouncement Date: 28-11-2019 | Result: Partly Allowed

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Appeal Details

RSA Number 261321714 RSA 2018
Assessee PAN AJJPD4900E
Bench Chennai
Appeal Number ITA 2613/CHNY/2018
Duration Of Justice 1 year(s) 2 month(s) 17 day(s)
Appellant Deepak N.Jain, CHENNAI
Respondent ITO Non Corporate Ward 4(3), CHENNAI
Appeal Type Income Tax Appeal
Pronouncement Date 28-11-2019
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted A
Tribunal Order Date 28-11-2019
Last Hearing Date 14-01-2019
First Hearing Date 14-01-2019
Assessment Year 2015-2016
Appeal Filed On 10-09-2018
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH CHENNAI . . . BEFORE SHRI N.R.S. GANESAN JUDICIAL MEMBER AND SHRI S. JAYARAMAN ACCOUNTANT MEMBER ./ ITA NO.2613/CHNY/2018 [ [ /ASSESSMENT YEAR: 2015-16 SHRI DEEPAK N JAIN NO.8 ARUNACHALAM STREET SOWCARPET CHENNAI 600 079. VS. THE INCOME TAX OFFICER NON-CORPORATE WARD 4(3). CHENNAI 34. PAN: AJJPD 4 900E ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : SHRI D. ANAND ADVOCATE /RESPONDENT BY : SHRI AR.V. SREENIVASAN JCIT /DATE OF HEARING : 25.11.2019 /DATE OF PRONOUNCEMENT : 28.11.2019 / O R D E R PER SHRI S. JAYARAMAN ACCOUNTANT MEMBER : THE ASSESSEE FILED THIS APPEAL AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-5 CHENNAI IN ITA NO.374/17- 18/CIT(A)-5/2017-18 DATED 28.06.2018 FOR THE ASSESSMENT YEAR 2015- 16. ITA NO.2613/CHNY/2018 - 2 - 2. SHRI DEEPAK N. JAIN THE ASSESSEE SOLD A PROPERTY FOR WHICH THE VALUE ADOPTED FOR STAMP DUTY WAS MORE THAN THE VALUE DECLARED IN THE SALE DEED. BASED ON THIS INFORMATION THE ASSESSING OFFICER REOPENED THE ASSESSMENT AND AFTER AFFORDING OPPORTUNITY ADOPTED THE VALUE SHOWN IN THE SALE DEED AS SALE CONSIDERATION AND ADDED THE DIFFERENCE SUM AS HIS INCOME UNDER THE HEAD LONG TERM CAPITAL GAINS. AGGRIEVED AGAINST THAT ORDER THE ASSESSEE FILED AN APPEAL BEFORE THE CIT(A). THE LD.CIT(A) DISMISSED THE APPEAL. AGGRIEVED AGAINST THAT ORDER THE ASSESSEE FILED THIS APPEAL. 3. THE LD.AR PLEADED THAT THE ASSESSEE SOLD AN AGRICULTURAL LAND SITUATED AT VILLAGE GOI UMMEDABAD FOR RS.2 51 000/- ON 07.05.2014. HOWEVER THE REGISTRATION AUTHORITIES HAVE ADOPTED THE STAMP DUTY VALUE AT RS.21 17 544/-. THOUGH IT WAS PLEADED BEFORE THE LD.CIT(A) THAT THE IMPUGNED LAND IS AGRICULTURAL LAND AT RAJASTHAN WHICH IS NOT A CAPITAL ASSET WITHIN THE MEANING OF SECTION 2(14) AND HENCE THE ASSESSMENT MADE BY THE ASSESSING OFFICER IS NOT CORRECT THE LD.CIT(A) WITHOUT APPRECIATING THE FACTS AND CIRCUMSTANCES OF THE CASE HAS DISMISSED THE APPEAL AND HENCE HE PLEADED THAT THE ASSESSEES APPEAL BE ALLOWED. ITA NO.2613/CHNY/2018 - 3 - 4. PER CONTRA THE LD.DR SUBMITTED THAT THE NATURE OF LAND IS NOT EXAMINED BY THE ASSESSING OFFICER AS SEEN FROM THE ASSESSMENT ORDER. HOWEVER THE ASSESSEE HAS TAKEN A PLEA BEFORE THE LD.CIT(A) THAT THE IMPUGNED LAND IS AN AGRICULTURAL LAND THE FACTS OF WHICH HAS NOT BEEN EXAMINED. THEREFORE HE PLEADED THAT THE APPEAL BE UPHELD ON THE BASIS OF ORDERS OF THE LOWER AUTHORITIES. 5. WE HEARD THE RIVAL SUBMISSIONS AND GONE THROUGH THE RELEVANT MATERIAL. SINCE THE NATURE OF THE LAND SOLD IS NOT EXAMINED WE DEEM IT FIT TO REMIT THIS ISSUE BACK TO THE ASSESSING OFFICER FOR A FRESH EXAMINATION. THE ASSESSEE SHALL LAY ALL MATERIALS IN SUPPORT OF HIS CONTENTION BEFORE THE ASSESSING OFFICER AND COMPLY WITH THE REQUIREMENTS OF THE ASSESSING OFFICER IN ACCORDANCE WITH LAW. THE ASSESSING OFFICER IS ALSO FREE TO CONDUCT APPROPRIATE ENQUIRY AS DEEMED FIT HOWEVER HE SHALL FURNISH DUE OPPORTUNITY TO THE ASSESSEE ON THE MATERIALS ETC. TO BE USED AGAINST THE ASSESSEE AND ON DUE CONSIDERATION OF THE ASSESSEES CLARIFICATION / EXPLANATION SHALL PASS THE ORDER IN ACCORDANCE WITH LAW. ITA NO.2613/CHNY/2018 - 4 - 6. IN THE RESULT THE ASSESSEES APPEAL IS TREATED AS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE COURT ON 28 TH NOVEMBER 2019 IN CHENNAI. SD/- SD/- /CHENNAI /DATED 28 TH NOVEMBER 2019 RSR /COPY TO: 1. /APPELLANT 2. /RESPONDENT 3. ( ) /CIT(A) 4. /CIT 5. /DR 6. /GF ( . . . ) (N.R.S. GANESAN) / JUDICIAL MEMBER ( ) (S. JAYARAMAN) /ACCOUNTANT MEMBER