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2014 (3) TMI 62 - AT - Income TaxAddition made on account of profit on sale of property - Application of section 50C - stamp valuation - Held that:- The decision in CIT Allahabad and Anr vs. Chandra Narain Chaudhri [2013 (9) TMI 646 - ALLAHABAD HIGH COURT] followed - CIT (A) has correctly observed in his order that the provisions of Section 50 C (2) are essentially to be read in conjunction with the provisions of Section 50 C (1) of the Act - both ingredients of provisions of Section 50 C (2) are present, which made it necessary for the AO to refer the matter for valuation to DVO in accordance with provisions of Section 55-A of the Income Tax Act - The contention of the assessee is upheld that reference should have been made by the Assessing Officer to the Departmental Valuation Officer (DVO) – thus, the matter remitted back to the AO with a direction that he refer the same to the DVO – Decided in favour of Assessee. Denial of brought forward loss excluding depreciation – Held that:- The assessee submits that during the financial year 2005-06, there was only re-constitution of the partnership firm by way of admission of partners and that no partner had retired - the assessee is correct in its claim - But as the factual position has not been considered by the Assessing Officer, the matter is remitted back to the Assessing Officer for fresh adjudication – decided partly in favour of Assessee. Unabsorbed depreciation u/s 78(1) - change in constitution of firm or on succession – Restriction to carry forward losses – Held that:- Unabsorbed depreciation is carried forward u/s 32(2) and are not brought forward losses which are carried forward u/s 78 - the orders of the first appellate authority upheld – Decided against Revenue.
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