Mahesh Kumar Agarwal , Hyderabad v. Income Tax Officer, Ward-8(3), Hyderabad

ITA 37/Hyd/2019 | 2008-2009
Pronouncement Date: 01-11-2019 | Result: Allowed

Appeal Details

RSA Number 3722514 RSA 2019
Assessee PAN ABAPA0283E
Bench Hyderabad
Appeal Number ITA 37/Hyd/2019
Duration Of Justice 9 month(s) 25 day(s)
Appellant Mahesh Kumar Agarwal , Hyderabad
Respondent Income Tax Officer, Ward-8(3), Hyderabad
Appeal Type Income Tax Appeal
Pronouncement Date 01-11-2019
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted DB-B
Tribunal Order Date 01-11-2019
Date Of Final Hearing 31-10-2019
Next Hearing Date 31-10-2019
Last Hearing Date 10-07-2019
First Hearing Date 24-04-2019
Assessment Year 2008-2009
Appeal Filed On 07-01-2019
Judgment Text
ITA NO 37 OF 2019 MAHESH KUMAR AGARWAL HYDERABAD. PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B SMC BENCH HYDERABAD BEFORE SMT. P. MADHAVI DEVI JUDICIAL MEMBER ITA NO.37/HYD/2019 ASSESSMENT YEAR: 2008-09 SHRI MAHESH KUMKAR AGARWAL HYDERABAD PAN: ABAPA0283E VS. INCOME TAX OFFICER WARD 8(3) HYDERABAD (APPELLANT) (RESPONDENT) ASSESSEE BY: SMT. S. SANDHYA REVENUE BY : SMT. MATTA PADMA DR DATE OF HEARING: 31/10/2019 DATE OF PRONOUNCEMENT: 01/11/2019 ORDER THIS IS ASSESSEES APPEAL FOR THE A.Y 2008-09 AGAIN ST THE ORDER OF THE CIT (A)-2 HYDERABAD DATED 31.10. 2018. 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE A N INDIVIDUAL DID NOT FILE ANY RETURN OF INCOME FOR T HE A.Y 2008-09. THE AO RECEIVED THE INFORMATION THAT THE ASSESSEE H AS SOLD AN IMMOVABLE PROPERTY AND THE CAPITAL GAINS THEREON HA S NOT BEEN OFFERED TO TAX. THEREFORE NOTICE U/S 148 WAS ISSUE D TO THE ASSESSEE IN VIEW OF THE ESCAPEMENT OF CAPITAL GAINS . SINCE THE ASSESSEE DID NOT APPEAR AND OFFER ANY INFORMATION THE AO HAS BROUGHT THE SRO VALUE TO TAX. AGGRIEVED THE ASSESS EE PREFERRED AN APPEAL BEFORE THE CIT (A) WHO CONFIRMED THE ORDE R OF THE AO AND THE ASSESSEE IS IN SECOND APPEAL BEFORE ME. ITA NO 37 OF 2019 MAHESH KUMAR AGARWAL HYDERABAD. PAGE 2 OF 3 4. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED T HAT THE ASSESSEE HAD VERY CLEARLY STATED BEFORE THE CIT (A) THAT THE FLAT IS MORE THAN 20 YEARS OLD AND THUS THE VALUE OF THE ASSET HAS DEPRECIATED AND THAT THE VALUE FIXED BY THE SRO OF RS.43 98 000/- AS AGAINST THE ASSESSEES SALE CONSIDERATION OF RS. 22 35 000/- IS NOT CORRECT. HE SUBMITTED THAT THE CIT (A) HAS NOT CONSIDERED THE OBJECTIONS OF THE ASSESSEE AND HAS NOT REFERRED THE MATTER TO THE VALUATION OFFICER BUT HAS SUMMARILY REJECTED THE A SSESSEES OBJECTIONS. THEREFORE HE SUBMITTED THAT THE MATTER SHOULD BE REFERRED TO THE VALUATION OFFICER FOR DETERMINATION OF THE ACTUAL VALUE OF THE PROPERTY. 5. THE LEARNED DR WAS ALSO HEARD. 6. HAVING REGARD TO THE RIVAL CONTENTIONS AND THE M ATERIAL ON RECORD I FIND THAT THE ASSESSEE HAD RAISED OBJE CTIONS BEFORE THE CIT (A) AGAINST THE VALUE OF THE PROPERTY ADOPTED B Y THE AO BUT THE CIT (A) HAD NOT CALLED FOR A REMAND REPORT NOR HAS HE VERIFIED THE CORRECTNESS OF THE OBJECTIONS OF THE ASSESSEE. SINCE THE PROPERTY IS ALLEGEDLY 20 YEARS OLD THE SRO VALUE M AY NOT BE STRICTLY APPLICABLE TO THE SAME WHICH IS USUALLY GI VEN FOR A NEW PROPERTY. IN VIEW OF THE SAME I DEEM IT FIT AND PR OPER TO REMAND THE ISSUE TO THE FILE OF THE AO WITH A DIRECTION TO REFER THE VALUE OF THE PROPERTY TO THE VALUATION CELL AND THEREAFTER T O RECOMPUTE THE VALUE OF THE PROPERTY ON THE BASIS OF SUCH VALUATIO N REPORT. NEEDLESS TO MENTION THAT THE ASSESSEE SHOULD BE GIV EN A FAIR OPPORTUNITY OF HEARING. ITA NO 37 OF 2019 MAHESH KUMAR AGARWAL HYDERABAD. PAGE 3 OF 3 7. IN THE RESULT ASSESSEES APPEAL IS TREATED AS A LLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 1 ST NOV. 2019. SD/- HYDERABAD DATED 1 ST NOV. 2019. VINODAN/SPS COPY TO: 1 SHRI MAHESH KUMAR AGARWAL H. NO.21-7-664 GHANSI BAZAR OPP: HIGH COURT HYDERABAD 500002 2 ITO WARD 8(3) SIGNATURE TOWERS KONDAPUR HYDERAB AD 500084 3 CIT (A)-2 HYDERABAD 4 PR. CIT 2 HYDERABAD 5 THE DR ITAT HYDERABAD 6 GUARD FILE BY ORDER (P. MADHAVI DEVI) JUDICIAL MEMBER