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2015 (7) TMI 563 - ITAT HYDERABADAddition on account of long term capital gain - AO adopting the stamp duty valuation as sale consideration - CIT(A) adopting the sale consideration of ₹ 11,34,93,000 in place of ₹ 9,06,00,000 shown by the assessee by invoking the provisions of S.50C - assessee in the present case is a partnership firm - Held that:- As relying on the decision of the Hon'ble Bombay High Court in the case of Bhatia Nagar Premises Co-operative Society Ltd. V/s. Union of India and Others (2010 (3) TMI 813 - Bombay High Court) and K.R.Palaniswamy & Ors. V/s. Union of India and others (2008 (8) TMI 27 - High Court of Madras ), we do not find merit in the preliminary issue raised by the assessee in this appeal, contending that the Assessing Officer, for invoking the provisions of S.50C, has to bring something on record to show that the consideration has been understated by the assessee, and that the assessee has actually received more than what is declared by him. The additional grounds raised by the assessee are accordingly dismissed. As already noted, the assessee in the original grounds raised in this appeal has challenged the valuation of its property as determined by the DVO in his valuation report. In this regard, it is observed that the additional evidence in the form of letter dated 20.1.2012 issued by the General Manager, A.P. Industrial Infrastructure Corporation was filed by the assessee before the learned CIT(A), wherein it was stated that the land rate in industrial Estate, Sanath Nagar fixed by the Price Fixation Committee during February, 2006 was ₹ 3,750 per sq. metre. The said additional evidence, however, was not admitted by the learned CIT(A) mainly on the ground that the assessee had not furnished any reason whatsoever as to why the said evidence was not filed before the Assessing Officer. As submitted by the learned counsel for the assessee in this regard, the said evidence in the form of letter dated 20.1.2012 was obtained by the assessee only after the completion of assessment by the Assessing Officer on 30.12.2011 and since the same was not available at the relevant time, it could not be filed before the Assessing Officer. Keeping in this submission made by the learned counsel for the assessee, we are of the view that the learned CIT(A) should have admitted the additional evidence filed by the assessee in the form of letter dated 20.1.2012 issued by the General manger, A.P. Infrastructure Corporation Ltd. Keeping in view our decision rendered above admitting the letter dated 1.4.2009 filed by the assessee before us as additional evidence as well as the letter dated 21.2.2012 filed by the assessee before the learned CIT(A) as additional evidence, we consider it just and proper to restore the matter to the file of the Assessing Officer for deciding afresh the issue relating to the valuation of the assessee’s property, as done by the DVO in the light of this additional evidence. The impugned order of the learned CIT(A) on this issue is accordingly set aside and the matter is restored to the file of the Assessing Officer for deciding the same afresh - Decided partly in favour of assessee for statistical purposes.
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