Case Law Details
R.Vasimalai Vs ITO (ITAT Chennai)
The facts borne out from the record are indicate that the assessee had purchased property along with co-owner, Mr.C.R.Rajaram, for a consideration of Rs.36 lakhs and the guideline value of the property as per the stamp duty authorities was at Rs.68,03,167/-. The AO has made addition u/s.56(2)(vii)(b)(ii) of the Act, towards difference between guideline value and consideration paid for purchase of property as unexplained investment. The Ld.CIT(A) has sustained the additions made by the AO. We find that similar addition has been made in the hands of co-owner, Mr.C.R.Rajaram, and appeal filed by the co-owner, is pending before the Ld. CIT(A). Therefore, we are of the considered view that when the very same issue is considered in the hands of the two assessees on the issue of difference between guideline value and consideration paid for purchase of property as per the provisions of Sec.50C of the Act, in our considered view, the appeals filed by both the assessees needs to be decided simultaneously, because, the decision taken in one case may have bearing on the other appeal filed by the co-owner. Since the appeal filed by the co-owner is pending before the Ld.CIT(A), we deem it appropriate to set aside this appeal filed by the assessee to the file of the Ld.CIT(A) and direct the Ld.CIT(A) to decide both the appeals simultaneously and decide the issue involved in the appeals in accordance with law.
FULL TEXT OF THE ORDER OF ITAT CHENNAI
This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-1, Mad urai, dated 18.11.20 19 and pertains to assessment year 2014-15.
2. The assessee has raised the following grounds of appeal:
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