SANKAR SAHA,KOLKATA vs. ITO, WARD - 43(1), KOL, KOLKATA

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ITA 942/KOL/2024Status: DisposedITAT Kolkata16 December 2024AY 2020-2021Bench: SHRI RAJESH KUMAR (Accountant Member), SHRI PRADIP KUMAR CHOUBEY (Judicial Member)3 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the issue of addition on land purchase price and the penalty imposed to the Assessing Officer for denovo adjudication. The assessee is to be given a reasonable opportunity of being heard.

What were the facts?

The assessee challenged the addition of ₹21,39,375/- on account of the difference between the purchase price of land and its stamp duty valuation. The lower authorities had made additions ex-parte due to the assessee's non-compliance.

What were the issues?

Whether additions made ex-parte due to non-compliance are valid, and if a penalty imposed in reference to such an order is sustainable.

Which sections of the Income-tax Act were involved?

Section 56(2)(x),Section 144,Section 270A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, KOLKATA

Before: SHRI RAJESH KUMAR, AM & SHRI PRADIP KUMAR CHOUBEY, JM

For Appellant: Shri Manish Tiwari, AR
For Respondent: Shri Jitendra Kantilal Surti, DR
Hearing: 03.12.2024Pronounced: 16.12.2024

These are appeals preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 05.03.2024 for the AY 2020-21.

2.

The assessee challenged the order passed by ld. CIT (A) confirming the addition of ₹21,39,375/- as made u/s 56(2)(X) of the Act by the ld. AO being difference between the purchase price of land and valuation as per stamp duty authority valuation.

3.

At the outset, we note that the proceeding before both the lower authorities have attained finality, ex-parte when the assessee failed to 943/KOL/2024

4.

The assessee has challenged the appellate order confirming the imposition of penalty of ₹3,37,742/- u/s 270A of the Act.

5.

We note that this penalty has been initiated in reference to ex-parte order passed u/s 144 of the Act in which has been restored by us to the file of the ld. AO for denovo adjudication supra. Accordingly, this appeal of the assessee is also restored to the file of the ld. AO for fresh adjudication.

6.

In the result, both the appeals are allowed for statistical purposes

Order pronounced in the open court on 16.12.2024.

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