ITO, WD-50(2), KOLKATA, KOLKATA vs. SRIBASH MANNA, KOLKATA

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ITA 1779/KOL/2014Status: DisposedITAT Kolkata28 November 2018AY 2010-20113 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the Revenue's appeal as withdrawn based on the CBDT circular. The assessee's cross-objection was also dismissed as the AO was requested to refer the issue to the DVO for consideration.

What were the facts?

The Revenue's appeal was dismissed as withdrawn due to the tax effect not exceeding the monetary limit set by a CBDT circular. The assessee's cross-objection pertained to the AO's application of Section 50C, ignoring the sale deed consideration.

What were the issues?

Whether the AO correctly applied Section 50C of the Income Tax Act, 1961, and if the sale deed consideration should have been given more weight.

Which sections of the Income-tax Act were involved?

Section 50C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “A”, KOLKATA

Before: SH. J.SUDHAKAR REDDY & SH. S.S.VISWANETHRA RAVI

Hearing: 08.11.2018Pronounced: 28.11.2018

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A”, KOLKATA BEFORE SH. J.SUDHAKAR REDDY, ACCOUNTANT MEMBER & SH. S.S.VISWANETHRA RAVI, JUDICIAL MEMBER (ASSESSMENT YEAR-2010-11) ITO, vs Sribash Manna, Ward-50(2), Uttarapan Market Sarat Pally, P.O.- Complex, Manicktala Civic Rajarhat, Gopalpur, Centre, Ultadanga, Kolkata-700136. Kolkata-700054. PAN-AFAPM5467Q C.O.No.-42/Kol/2018 (In ITA No.1779/KOL/2014) (ASSESSMENT YEAR-2010-11) Sribash Manna, ITO, vs Sarat Pally, P.O.- Ward-50(2), Uttarapan Market Rajarhat, Gopalpur, Complex, Manicktala Civic Kolkata-700136. Centre, Ultadanga, Kolkata-700054. (Appellant) (Respondent) Appellant by Sh. Sankar Halder, Addl.CIT Sr.DR Respondent by Sh.S.M.Surana, Advocate Date of Hearing 08.11.2018 Date of Pronouncement 28.11.2018 ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER Both appeal and cross objection respectively by the Revenue and the assessee are against the common order 16.06.2014 passed by CIT(A)-XXXII, Kolkata for AY 2010-11. ITA No.1779/KOL/2014 (ASSESSMENT YEAR-2010-11) 2. In the relevant appeal of the Revenue, the undisputed fact is that the tax effect does not exceed the monetary limit of Rs.20,00,000/-, fixed ITA No.1779/KOL/2014 & C.O.No.-42/Kol/2018 by the CBDT Circular No.3/2018, F.No.0279/Misc.142/2007-ITJ(Pt), dated 11th July, 2018.

3.

As mandated by this above referred Circular No.3/2018, the appeal of the Revenue is dismissed as withdrawn. C.O.No.-42/Kol/2018 (In ITA No.1779/KOL/2014) (ASSESSMENT YEAR-2010-11) 4. Heard both parties and perused the material available on record. The contention of the Ld.AR was that the AO has taken sale consideration by applying section 50C of the Income Tax Act, 1961 (in short “Act”) and completely ignored the sale consideration as mentioned in the Sale Deed and requested to refer back to the file of AO for his consideration in referring the issue to the DVO for his consideration. Therefore, the cross-objection filed by the assessee is dismissed.

5.

In the result, the appeal of the Revenue and the cross-objection of the assessee are dismissed. Order pronounced in the open court on 28.11.2018.

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