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Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA
Before: Shri S.S, Godara
This assessee’s appeal for assessment year 2014-15, arises against the Commissioner of Income-tax (Appeals)-6, Kolkata’s order dated 26.06.2018 passed in case No.10297/CIT-6/Kol/2-16-17, involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.
The assessee’s sole substantive ground pleaded in the instant appeal seeks to reverse both the lower authorities’ action invoking Sec.56(2)(vii)(b) of the Act for adding the amount in question of ₹9,15,000/- in the course of assessment as affirmed in the lower appellate proceedings. Suffice to say, the impugned sum represents difference between stamp value of ₹20.15 lac as against the sale deed price of ₹11 lac. pertaining to the immovable property in issue. Both the Assessing Officer as well as ITA No. 2009/Kol/2018 A.Y. 2014-15 Anilava Chatterjee Vs. ACIT, Cir-24(1), HGY Page 2 CIT(A) are of the view that this differential sum deserves to be assessed under the head “income from other sources”. Learned Departmental Representative fails to dispute that sec. 56(2)(vii)(c) proviso stipulates that the issue of valuation has to be referred to Valuation Officer as per sec. 50C of the Act. Hon'ble juri ictional high court’s decision in Sunil Kumar Agarwal vs. CIT 372 ITR 83 (Cal) holds that such a reference to the DVO is very much mandatory even if an assessee does not raise the plea during the course of assessment. I therefore restore this valuation issue back to the Assessing Officer to proceed further as per sec. 50C of the Act in accordance with law. No other argument has been raised before me during the course of hearing.
This assessee’s appeal is accepted for statistical purpose in above terms. Order pronounced in open court on 25/01/2019 (S.S. Godara) Judicial Member Kolkata, *Dkp/Sr.PS "दनांकः- 25/01/2019 कोलकाता आदेश क" ""त"ल"प अ"े"षत / Copy of Order Forwarded to:- 1. अपीलाथ"/Appellant-Anilava Chatterjee, 38/1, P.C. Banerjee Road, Dakshineswar Kolkata-700076
""यथ"/Respondent-ACIT, Cir-24(1), Aayakar Bhawan, Khadinamore, G.T. Road, Chnsurah, Hooghly 3. संबं"धत आयकर आयु%त / Concerned CIT 4. आयकर आयु%त- अपील / CIT (A) 5. &वभागीय ")त)न"ध, आयकर अपील"य अ"धकरण कोलकाता / DR, ITAT, Kolkata 6. गाड+ फाइल / Guard file. By order/आदेश से, // उप/सहायक पंजीकार आयकर अपील"य अ"धकरण, कोलकाता ।