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2014 (4) TMI 892 - ITAT MUMBAIValidity of direction to compute LTCG – Sale of 50% undivided right – Valuation adopted by the DVO – Held that:- The report of DVO was not available to the AO - it was taken into consideration while adjudicating the appeal by CIT(A) during the course of first appellate proceedings - The assessee had also relied upon certain sale instances, and this fact has been admitted by CIT(A) - CIT(A) has not given any reason to deviate from the sale instances relied upon by the assessee and has simply observed that the report of valuation carried out by DVO is fair and reasonable – thus, it would be proper if the additional evidence filed by assessee is admitted and the issue is remitted back to the AO for redetermination of the FMV of the flat and garage as on 1.4.1981 after giving assessee reasonable opportunity of hearing – Decided in favour of Assessee.
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