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2020 (12) TMI 726 - ITAT BANGALORELTCG - Computation of full value received on sale of property by the assessee for the purpose of computing the Long Term Capital Gain (LTCG) - HELD THAT:- In the light of the objections given by the assessee to the preliminary report of the AO, the second sale instance which appears to be an extraordinary instance of sale ought to have been excluded. The admitted position is that all the khatas in the survey No. 4, Kurubarahalli Village, Kasaba Taluk, Mysore District, Mysore, have been cancelled by the Tahsildar, Mysore, and there are several litigations. There is also a third acquisition by Mysore Urban Development Authority (MUDA). The specific objection of the Assessee to the preliminary report of the DVO has not been considered by the DVO while giving his final report. In the circumstances, we accept the submission made by the learned Counsel for the assessee and direct that sale instance No.2 as given in the chart above should be excluded and if so excluded, the price of ₹ 80 lakhs received by the assessee should be accepted as correct. Consequently, there can be no addition on account of application of provisions of section 50C of the Act. The addition made is therefore directed to be deleted. Appeal of the assessee is allowed.
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