Sri Bayyana Ramesh, Vijayawada v. The CIT, Vijayawada

ITA 291/VIZ/2010 | 2006-2007
Pronouncement Date: 19-10-2010 | Result: Allowed

Appeal Details

RSA Number 29125314 RSA 2010
Assessee PAN ADAPB3151G
Bench Visakhapatnam
Appeal Number ITA 291/VIZ/2010
Duration Of Justice 5 month(s) 2 day(s)
Appellant Sri Bayyana Ramesh, Vijayawada
Respondent The CIT, Vijayawada
Appeal Type Income Tax Appeal
Pronouncement Date 19-10-2010
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted DB
Tribunal Order Date 19-10-2010
Date Of Final Hearing 04-10-2010
Next Hearing Date 04-10-2010
Assessment Year 2006-2007
Appeal Filed On 17-05-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH VISAKHAPATNAM BEFORE: SHRI SUNIL KUMAR YADAV JUDICIAL MEMBER AND SHRI BR BASKARAN ACCOUNTANT MEMBER ITA NO. 291 /VIZAG/ 20 10 ASSESSMENT YEAR : 2006 - 07 BAYYANA RAMESH VI JAYAWADA CIT VIJAYAWADA (APPELLANT) VS. (RESPONDENT) PAN NO.ADAPB3151G APPELLANT BY: SHRI T.L. PETER DR RESPONDENT BY: SHRI G.V.N. HARI CA ORDER PER SHRI S.K. YADAV JUDICIAL MEMBER : - THIS APPEAL IS PREFERRED AGAINST THE ORDER OF THE CIT PAS SED U/S 263 OF THE ACT REVISING THE ORDER OF THE A.O. PASSED U/S 143(3) OF THE ACT AFTER HOLDING IT TO BE ERRONEOUS AS WELL AS PREJUDICIAL TO THE INTEREST OF REVENUE. THE REASONS FOR HOLDING SO ARE THAT THE ASSESSING OFFICER HAS NOT INTERPRETED THE PROVIS IONS OF SECTION 50( C ) OF THE ACT AND HAS ADOPTED THE COST OF ACQUISITION OF THE LAND AS ON THE DATE OF SALE AGREEMENT. 2. DURING THE COURSE OF HEARING OF THE APPEAL THE LD. COUNSEL FOR THE ASSESSEE HAS INVITED OUR ATTENTION THAT EVEN ON MERIT THE ASSESS EES CASE IS SQUARELY COVERED BY THE ORDER OF THE TRIBUNAL IN THE CASE OF KODURU SATYA SRINIVAS VS. ACIT ITA NO.556/VIZAG/2008 IN WHICH THE TRIBUNAL HAS CATEGORICALLY HELD THAT THE SALE DEED RELATES BACK TO THE DATE OF AGREEMENT FOR SALE. THEREFORE THE C OST OF ACQUISITION IS TO BE DETERMINED ON THE BASIS OF THE DATE OF SALE AGREEMENT. COPY OF THE ORDER OF THE TRIBUNAL IS PLACED ON RECORD. 3. THE LD. D.R. ON THE OTHER HAND HAS PLACED A RELIANCE UPON THE ORDER OF THE CIT. 2 4. WE HAVE CAREFULLY EXAMINE D THE ORDER OF THE LOWER AUTHORITIES AS WELL AS THE ORDER OF THE TRIBUNAL AND WE FIND THAT WHILE ADJUDICATING THE ISSUE THE ASSESSING OFFICER HAS TAKEN THE DATE OF SALE AGREEMENT FOR THE PURPOSE OF COST OF ACQUISITION OF THE PROPERTY. WHEREAS ACCORDING T O THE CIT IT SHOULD BE THE DATE OF THE EXECUTION OF THE SALE DEED. THE VIEW TAKEN BY THE ASSESSING OFFICER IS A PLAUSIBLE VIEW AS THE TRIBUNAL HAS TAKEN THE SAME VIEW IN THE CASE OF KODURU SATYA SRINIVAS VS. ACIT. THEREFORE THE VIEW TAKEN BY THE ASSESS ING OFFICER IS APPROVED BY THE TRIBUNAL. UNDER THESE CIRCUMSTANCES THE ASSESSEES CASE IS ALSO COVERED ON MERIT IN FAVOUR OF THE ASSESSEES BY THE AFORESAID ORDER OF THE TRIBUNAL. SINCE THE ASSESSING OFFICER HAS TAKEN ONE OF THE PLAUSIBLE VIEW IT CANNOT BE REVERSED BY THE CIT SIMPLY FOR THE REASON THAT HE HAS DIFFERENT VIEW IN HIS MIND. WE THEREFORE FIND NO MERIT IN THE ORDER PASSED U/S 2 63 BY THE CIT. ACCORDINGLY WE SET ASIDE THE SAME. 5 . IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALLOWED. PRONOU NCED IN THE OPEN COURT ON 19.10 .20 10 SD/ - SD/ - (BR BASKARAN) (SUNIL KUMAR YADAV) ACCOUNTANT MEMBER JUDICIAL MEMBER VG/SPS VISAKHAPATNAM DATED 19 TH OCTOBER 20 10 COPY TO 1 BAYYANA RAMESH D. NO.11 - 7 - 21 VARRE RAMANNA STREET VIJAYAWADA - 520001 2 CIT VIJAYAWADA 3 THE CIT (A) VIJAYAWADA 4 THE DR ITAT VISAKHAPATNAM. 5 GUARD FILE. BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM