ISHTIAQ AHMAD DULARE,ALIGARH vs. ITO WARD 4(1)(3), ALIGARH

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ITA 122/AGR/2024Status: DisposedITAT Agra22 April 2025AY 2014-15Bench: HON’BLE SHRI SATBEER SINGH GODARA, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL (Accountant Member)2 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the impugned order and restored the assessment to the file of the AO for de novo assessment. The AO is directed to refer the property valuation to the DVO and re-adjudicate both the addition under Section 56(2)(viib) and the issue of unexplained investment.

What were the facts?

The assessee sold a property for Rs. 123.20 Lacs, which was less than its stamp duty value of Rs. 174.60 Lacs. The AO added the difference under Section 56(2)(viib) and also added the sale consideration as unexplained investment, framing the assessment on a best judgment basis.

What were the issues?

The primary issues were the correctness of the addition under Section 56(2)(viib) based on stamp duty value and the addition of the sale consideration as unexplained investment without referring the valuation to the DVO.

Which sections of the Income-tax Act were involved?

Section 144,Section 147,Section 56(2)(viib)

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Income Tax Appellate Tribunal, “DB” BENCH, AGRA

Before: HON’BLE SHRI SATBEER SINGH GODARA, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

Pronounced: 22.04.2025

(िनधा�रणवष� / Assessment Year: 2014-15) Istiyaq Ahmad Dulare Income-tax Officer, Shahzad Market, Jamia Urdu, Ward 4(3)(1), Aligarh. बनाम/ Vs. Medical Road, Civil Lines, Aligarh (UP) �थायीलेखासं./जीआइआरसं./PAN/GIR No. AIFPD-8104-M (अपीलाथ�/Appellant) : (� थ� / Respondent) अपीलाथ�कीओरसे/ Appellant by : Sh. Pankaj Garh, Adv. – Ld. AR � थ�कीओरसे/Respondent by : Sh. Shailender Shrivastava – Ld. Sr. DR सुनवाईकीतारीख/Date of Hearing : 18-02-2025 घोषणाकीतारीख /Date of Pronouncement : 22.04.2025 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2014-15 arises out of the order of learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] dated 09-02-2024 in the matter of an assessment framed by Ld. AO on best judgment basis u/s 144 r.w.s. 147 of the Act on 27-03-2022. Having heard rival submissions and upon perusal of case records, the appeal is disposed-off as under.

2.

It emerges that the assessee’s case was reopened vide notice u/s 148 dated 30-03-2021 on the fact that the assessee sold a property for Rs.123.20 Lacs as against its stamp duty value of Rs.174.60 Lacs. Accordingly, the differential of Rs.51.40 Lacs would be assessable u/s 56(2)(viib). The same was added to the income of the assessee for want of any response from the assessee. The Ld. AO also added the purchase amount of Rs.123.20 Lacs in the hands of the assessee as unexplained investment. The Ld. CIT(A) confirmed the assessment against which the assessee is in further appeal before us. The Ld. AR has pleaded that no reference was made to valuation officer. The Ld. AR also assailed the addition of unexplained investment on the ground that the investment was made form accounted sources only.

3.

Considering the decision of Hon’ble High Court of Calcutta in the case of Sunil Kumar Agarwal (47 Taxmann.com 158), we set aside the impugned order and restore the assessment back to the file of Ld. AO for de novo assessment. The Ld. AO is directed to refer the valuation of the property to Ld. DVO to ascertain the correct market value of the property and re-adjudicate this issue as well as the issue of unexplained investment. The assessee is directed to substantiate its case.

4.

The appeal stand allowed for statistical purposes. Order pronounced u/r 34(4) of Income Tax (Appellate Tribunal) Rules, 1963.

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