Income Tax Appellate Tribunal - Chennai
G.Narasimhan, Coimbatore vs Cit(A),Nfac, Delhi on 12 April, 2023
आयकर अपीलीय अिधकरण, 'बी' ायपीठ, चे ई
IN THE INCOME-TAX APPELLATE TRIBUNAL 'B' BENCH, CHENNAI
ी वी. दु गा राव, ाियक सद एवं ी मनोज कुमार अ वाल, लेखा सद के सम ।
Before Shri V. Durga Rao, Judicial Member &
Shri Manoj Kumar Aggarwal, Accountant Member
आयकर अपील सं./I.T.A. No.603/Chny/2021
िनधारण वष/Assessment Year: 2006-07
G. Narasimhan, Vs. The Assistant Commissioner of
No. 362/2B, K.N.G. Pudur Pirivu Income Tax,
Bus Stop, Thadagam Road, Circle II,
Coimbatore 641 025. Coimbatore.
[PAN: ABPPN6573R]
(अपीलाथ /Appellant) ( थ /Respondent)
अपीलाथ की ओर से / Appellant by : None
थ की ओर से/Respondent by : Shri D. Hema Bhupal, JCIT
सु नवाई की तारीख/ Date of hearing : 28.03.2023
घोषणा की तारीख /Date of Pronouncement : 12.04.2023
आदे श /O R D E R
PER V. DURGA RAO, JUDICIAL MEMBER:
This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals), (National Faceless Appeal Centre)[NFAC], Delhi dated 27.10.2021 relevant to the assessment year 2006-07.
2. Facts are, in brief, that the assessee is owner of piece of land and the same was sold on 06.07.2005 and declared ₹.20 lakhs as 2 I.T.A. No.603/Chny/21 capital gains arising out of this transaction. The Assessing Officer applied the provisions of section 50C of the Income Tax Act, 1961 ["Act" in short] by stating that as per the registered document of sale showing the stamp duty valuation, the sale value was ₹.67.90 lakhs. Accordingly, the Assessing Officer calculated the capital gains based on the notional value under section 50C of the Act and not as per the value declared by the assessee. On appeal, the ld. CIT(A) directed the Assessing Officer to make a reference to the DVO and arrive the sale consideration in accordance with law.
3. Against the order of the ld. CIT(A), the assessee came in appeal before the Tribunal. None appeared on behalf of the assessee, despite the hearing of the appeal was adjourned various occasions. Hence, we proceed to decide the issue on merits after hearing the ld. DR.
4. We have heard the ld. DR, perused the materials available on record and gone through the orders of authorities below. In this case, by invoking the provisions of section 50C of the Act, the Assessing Officer has determined the capital gains at ₹.61,70,029/- as against ₹.20,00,000/- admitted by the assessee. On appeal, the ld. CIT(A) has directed the Assessing Officer to refer the matter to DVO and decide 3 I.T.A. No.603/Chny/21 the capital gains in accordance with law. We find no infirmity in the order passed by the ld. CIT(A) and no interference is warranted.
5. In the result, the appeal filed by the assessee is dismissed.
Order pronounced on 12th April, 2023 at Chennai.
Sd/- Sd/- (MANOJ KUMAR AGGARWAL) (V. DURGA RAO) ACCOUNTANT MEMBER JUDICIAL MEMBER Chennai, Dated, 12.04.2023 Vm/-
आदे श की ितिलिप अ ेिषत/Copy to: 1. अपीलाथ /Appellant, 2. थ / Respondent,
3. आयकर आयु (अपील)/CIT(A), 4. आयकर आयु /CIT, 5. िवभागीय ितिनिध/DR &
6. गाड फाईल/GF.