CIT v. Puja Prints

360 ITR 697High Court2014#1290 most cited

What is CIT v. Puja Prints authority for?

The amendment to Section 55A(a) of the Income-tax Act, 1961, which replaced "is less than" with "is at variance" as the condition for referring a valuation to a Departmental Valuation Officer, does not have retrospective effect. Consequently, for periods before July 1, 2012, a DVO reference is invalid if the declared value is not "less than" the fair market value.

88

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Puja Prints · 360 ITR 697 · Section 55A · retrospective amendment · "is less than" fair market value · "is at variance" fair market value · DVO reference · cost of acquisition · 01.04.1981 valuation · fair market value determination

Also reported as

224 Taxmann 22

Sections most often in play

Section 143(3)Section 250Section 55A
Read the full judgment

Issues it is cited on

fair market value

Judgments citing CIT v. Puja Prints

Vivina Co Op Hsg Society Ltd, Mumbai vs. Asst CIT RG 15(2), Mumbai

In the result, the appeal of assessee is partly allowed

ITA 4872/MUM/2014[2005-06]Status: DisposedITAT Mumbai05 Apr 2017AY 2005-06

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am M/S Vivina Co. Op Hsg Society Asst. Commissioner Of Income Tax, Rg 15(2) Ltd. Vs. S.V. Rd, Andheri (W), Mumbai Mumbai-400 058 .. Appellant Respondent Pan No. Aaaav2507L Assessee By .. Surji D. Chheda, Ar Revenue By .. B.S. Bist, Dr Date Of Hearing .. 05-04-2017 Date Of Pronouncement .. 05-04-2017 O R D E R Per Mahavir Singh, Jm:

Section 143(3)Section 147Section 148Section 153Section 50CSection 55A

…there is no estimated value as estimate by registered valuer or submitted by assessee. This issue has been dealt by Hon’ble Bombay High Court in the case of CIT vs. Daulal Mohta (HUF) (2014) 360 ITR 680 (Bom) and also in the case of CIT vs. Puja Prints (2014) 360 ITR 697 (Bom). 8. We have gone through the judgment of Hon’ble Bombay High Court in the case of Daulal Mohta (HUF) (Supra), wherein it is held as under:- “A) Whether on the facts and in the circumstances of the case, the Hon’ble ITAT was right in law in reversing the Page 7 of 13 M/s Vivina Co. Op HSG Society Ltd; AY:05-06 decision of the CIT(A) on val…

Subash Subramanian, Chennai vs. ITO, Chennai

In the result, the appeal of the assessee stands dismissed

ITA 3406/CHNY/2016[2007-08]Status: DisposedITAT Chennai31 Mar 2017AY 2007-08

Bench: Shri Abraham P. George]

For Appellant: Shri. T. Vasudevan, Advocate
Section 148Section 50CSection 50C(3)

…f a properly claimed by the assessee was higher than the FMV. According to the assessee, the value estimated by him, as on 01.04.1981 was higher than the FMV. Reliance was placed on the judgment of Hon’ble Bombay High Court in the case of CIT vs. Puja Prints 360 ITR 697. However, ld. Commissioner of Income Tax (Appeals) was not impressed. According to him, there was no valuation done by a Valuation Officer for estimating the value of the property as on 01.04.1981. Further, according to him, what was to be adopted was the guideline value based on Government records. He held that Sec. 55A of the Act had no app…

Sangita D. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4250/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Vithabai A. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4249/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Deepak A. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4244/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Manohar N. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4243/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Nirabai S. Patil, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4242/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Kashibai N. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4241/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Alka M. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4240/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Anil K. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4239/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Kisan N. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4238/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Sunil R. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4237/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Shalini S. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4236/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Ravikant R. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4235/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Nirmala R. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4234/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Rajaram S. Wayale, Thane vs. ITO WD 3(4), Kalyan

In the result, all the appeals of the assessee are allowed in terms indicated hereinabove

ITA 4233/MUM/2015[2004-05]Status: DisposedITAT Mumbai09 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Shri Rajaram S.Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1756D Appellant) .. Respondent) Smt. Nirmala R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw3944K Appellant) .. Respondent) Shri Ravikant R Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aalpw9915F Appellant) Respondent) .. Smt. Shalini S. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaqpw5870Q Appellant) .. Respondent) Shri Sunil R. Wayale Vs. Ito, Ward – 3(4), Kalyan 103, Triveni Dhara, Wayale Nagar, Khadakpada, Kalyan (W), Dist: Thane - 421301 Pan/Gir No. Aaopw1754B Appellant) .. Respondent)

Section 143(3)Section 55A

…factors were not comparable. 5. Before us assessee had disputed the validity of reference made by AO to the DVO. It was argued by learned AR that issue under consideration is squarely covered by the decision of Jurisdictional High Court in case of Puja Prints 360 ITR 697. Reliance was also placed on the decision of Pandurang G. Mhatre in ITA No.4226/Mum/2015 order of ITAT dated 10/08/2016, wherein under similar facts and circumstances, the Tribunal held that as the year under consideration is 2004-05 much prior to the amendment so brought in Section 55A(a) by 2012 Act w.e.f. 1st July, 2012, we do not find any mer…

Voltas Ltd, Mumbai vs. ITO WD 7(3)(4), Mumbai

In the result, these appeals filed by the Assessee are allowed and appeal filed by the revenue is dismissed

ITA 5330/MUM/2009[2005-06]Status: DisposedITAT Mumbai16 Sept 2016AY 2005-06

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2005-06 & Assessment Year: 2005-06 Voltas Ltd. Ito Wd 7(3)(4) Voltas House-A, Aayakar Bhavan, बनाम/ Dr. Babasheb Ambedkar Vs. Rd, Chincpokli, Mumbai-40020 Mumbai-400033 (Appellant) (Respondent ) P.A. No.Aaacv2809D Assessment Year: 2005-06 Ito Wd 7(3)(4) Voltas Ltd. Aayakar Bhavan, बनाम/ Voltas House-A, Dr. Babasheb Ambedkar Rd, Vs. Mumbai-40020 Chincpokli, Mumbai-400033 (Appellant) (Respondent ) P.A. No.Aaacv2809D Appellant By Shri Dinesh Vyas (Ar) Revenue By Shri Asghar Zain (Dr)

Section 143(3)Section 154

…submitted that in section 55A, power to make reference for valuation for ascertaining cost of acquisition as on 01.04.1981 is not available. Reliance in this regard has been placed on the judgment of Hon’ble Bombay High Court in the case of CIT v. Puja Prints 360 ITR 697 (Bom) & Amiya Bala Paul 262 ITR 407(SC). 3.6. Lastly, it was submitted without prejudice to the above submissions that in any case transaction of sale of Development Rights is not covered u/s 50C. In support of this argument, Ld. Counsel drew our attention on other allied provisions of the Act such as section 269A of the Act. Ld 10 Voltas Ltd. C…

Sandeep P. Mhatre, Thane vs. ITO WD 3(2), Kalyan

In the result, all appeals of the assessees are allowed

ITA 4232/MUM/2015[2004-05]Status: DisposedITAT Mumbai10 Aug 2016AY 2004-05

Bench: Shri R.C.Sharmaआमकय अऩीर सं./Ita No.4226/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Pandurang G. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aozpm 3751 M (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4227/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Ravindra P. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aoypm 0812 Q (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4228/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Anil P. Mhatre, Flat No.102/103, Vs. Ito Ward-3(2), Kalyan Narcheti, Beturkar Pada, Kalyan (W), District Thane-411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aoypm 0860 N (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4229/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Smt. Baijabai P. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Apkpm 7326 L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

Section 143(3)Section 55A

…The Id. AO prior to 01.07.2012 could not make a reference to the DVO u/s 55A when the value adopted by the assessee based on report of registered valuer was higher than FMV of land. Ld. AR placed reliance on the following decisions :- 1. CIT -Vs- Puja Prints, 360 ITR 697 (Bom) (2014) 2. CIT -Vs- Daulal Mohta HUF, ITA No. 1031 of2008 dt. 22.09.2008 - Bombay High Court 3. ITA -Vs- Jyoti Construction Co., ITA No.2393/Muml2014 dt. 27.04.2016 - Hon. Members, "J" Bench, IT AT Mumbai 4. ITA -Vs- Rabinder H. Chhabra (HUF), ITA No.5511/Mum/2012 dt. 23.05.2014 - Hon. Members, "0" Bench, IT A T Mumbai 5. Hiaben Jayantilal S…

Sunil P. Mhatre, Thane vs. ITO WD 3(2), Kalyan

In the result, all appeals of the assessees are allowed

ITA 4231/MUM/2015[2004-05]Status: DisposedITAT Mumbai10 Aug 2016AY 2004-05

Bench: Shri R.C.Sharmaआमकय अऩीर सं./Ita No.4226/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Pandurang G. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aozpm 3751 M (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4227/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Ravindra P. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aoypm 0812 Q (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4228/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Anil P. Mhatre, Flat No.102/103, Vs. Ito Ward-3(2), Kalyan Narcheti, Beturkar Pada, Kalyan (W), District Thane-411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aoypm 0860 N (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4229/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Smt. Baijabai P. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Apkpm 7326 L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

Section 143(3)Section 55A

…The Id. AO prior to 01.07.2012 could not make a reference to the DVO u/s 55A when the value adopted by the assessee based on report of registered valuer was higher than FMV of land. Ld. AR placed reliance on the following decisions :- 1. CIT -Vs- Puja Prints, 360 ITR 697 (Bom) (2014) 2. CIT -Vs- Daulal Mohta HUF, ITA No. 1031 of2008 dt. 22.09.2008 - Bombay High Court 3. ITA -Vs- Jyoti Construction Co., ITA No.2393/Muml2014 dt. 27.04.2016 - Hon. Members, "J" Bench, IT AT Mumbai 4. ITA -Vs- Rabinder H. Chhabra (HUF), ITA No.5511/Mum/2012 dt. 23.05.2014 - Hon. Members, "0" Bench, IT A T Mumbai 5. Hiaben Jayantilal S…

Madhukar P. Mhatre, Thane vs. ITO WD 3(2), Kalyan

In the result, all appeals of the assessees are allowed

ITA 4230/MUM/2015[2004-05]Status: DisposedITAT Mumbai10 Aug 2016AY 2004-05

Bench: Shri R.C.Sharmaआमकय अऩीर सं./Ita No.4226/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Pandurang G. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aozpm 3751 M (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4227/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Ravindra P. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aoypm 0812 Q (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4228/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Anil P. Mhatre, Flat No.102/103, Vs. Ito Ward-3(2), Kalyan Narcheti, Beturkar Pada, Kalyan (W), District Thane-411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aoypm 0860 N (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4229/Mum/2015 (नििाारण वषा / Assessment Year :2004-2005) Smt. Baijabai P. Mhatre, Flat Vs. Ito Ward-3(2), Kalyan No.102/103, Narcheti, Beturkar Pada, Kalyan (W), District Thane- 411202 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Apkpm 7326 L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

Section 143(3)Section 55A

…The Id. AO prior to 01.07.2012 could not make a reference to the DVO u/s 55A when the value adopted by the assessee based on report of registered valuer was higher than FMV of land. Ld. AR placed reliance on the following decisions :- 1. CIT -Vs- Puja Prints, 360 ITR 697 (Bom) (2014) 2. CIT -Vs- Daulal Mohta HUF, ITA No. 1031 of2008 dt. 22.09.2008 - Bombay High Court 3. ITA -Vs- Jyoti Construction Co., ITA No.2393/Muml2014 dt. 27.04.2016 - Hon. Members, "J" Bench, IT AT Mumbai 4. ITA -Vs- Rabinder H. Chhabra (HUF), ITA No.5511/Mum/2012 dt. 23.05.2014 - Hon. Members, "0" Bench, IT A T Mumbai 5. Hiaben Jayantilal S…