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2020 (8) TMI 670 - ITAT BANGALOREDeduction u/s 54G - new unit set up at Nelamangala - CIT(A) held that, for purposes of capital gain computation, value of land as on the rate of JDA that is 05/10/2005 is to be taken and not the cost of construction of super built a period to be received - HELD THAT:- In interest of natural Justice, we direct Ld.CIT(A) to decide these issue on merits having regard to evidences filed by assessee.Needless to say that, proper opportunity of being heard should be granted to assessee in accordance with law. Value of land to be considered for purposes of computing capital gains - As submitted that there is substantial difference between cost of construction adopted for purpose of computing capital gains on sale of capital assets and expenditure booked by the developer in the course of construction activity - HELD THAT:- As perused decision of CIT vs. Ved Prakash Rakhra [2012 (10) TMI 286 - KARNATAKA HIGH COURT] and note that, it squarely applies to present facts. Based upon the above observations by Hon’ble Karnataka High Court, we do not find any merits in the issue raised by revenue.
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