Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, KOLKATA BENCH “A”, KOLKATA
Before: SH. J.SUDHAKAR REDDY & SH. S.S.VISWANETHRA RAVI
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.
As mandated by this above referred Circular No.3/2018, the appeal of the Revenue is dismissed as withdrawn.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.
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.