Mr. Jamil Akhtar, Kolkata vs. ACIT(It), Circle - 1(2), Kolkata
In the result, the appeal of the assessee is allowed
ITA 2406/KOL/2017[2014-15]Status: DisposedITAT Kolkata30 Nov 2018AY 2014-15
Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 2406/Kol/2017 Assessment Year: 2014-15 Mr. Jamil Akhtar................................…………………………..................................................Appellant C/O. M/S. A. Kayes & Co., Chartered Accountants, 231, Kamalalaya Centre, 156A Lenin Sarani, Kolkata – 700 013. [Pan: Ajmpa 3297 N] Acit (It), Circle 1(2) Kolkata...................……………………………………………….......Respondent Aayakar Bhawan Poorva, Chamber No. 101, 1St Floor, 110, Shanti Pally, Kolkata – 700 107. Appearances By: Shri V.N. Purohit, Fca Appearing On Behalf Of The Assessee. Shri C.J. Singh, Sr. Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 20, 2018 Date Of Pronouncing The Order : November 30, 2018 Order Per P.M. Jagtapthis Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Cit(A) – 22, Kolkata Dated 31.10.2017 & The Grounds Raised Therein Read As Under: “1. For That On The Facts & Circumstances Of The Case, The Ld. Cit(A) – 22, Kolkata Has Erred In Facts & In Law In Restricting The Addition To Rs. 11,49,086/- U/S 56(2)(Vii)(B)(Ii) Of The Income Tax Act Being The Difference Between The Fair Market Value Determined By The Dvo (District Valuation Officer) & Deed Value Of Property At 4, Parvez Shardi Range, Kolkata, In Spite Of The Fact That The Property In Question Was Agreed To Have Been Purchased By The Appellant Vide Agreement Of Purchase Dated 28.01.2011 Relevant To Assessment Year 2011-12 Being Prior To 01.04.2014 (Assessment Year 2014-15) When The Amended Provision Of Section 56(2)(Vii)(B)(Ii) Came Into Effect By Way Of Finance Act, 2013. 2. For That On The Facts & Circumstances Of The Case, The Addition Of Rs. 11,49,086/- U/S 56(2)(Vii)(B)(Ii).”
Section 143(3)Section 56(2)(vii)
