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2014 (6) TMI 143 - AT - Income TaxDetermination of LTCG as per section 50C of the Act Valuation of property Held that:- The assessee has filed a valuation report in support of his claim that the value adopted by the stamp duty valuation authority is on the higher side - the assessee can object to the value adopted by the stamp valuation authority and if this is done, the AO may refer the valuation to the valuation officer - the AO has not followed the procedure - If the assessee has filed a report of the approved valuer, the AO may either accept the valuation of the property on the basis of this report or refer the question of valuation to the department valuation officer in accordance with section 55A of the Act thus, the order of the CIT(A) is set aside and the matter is remitted back to the AO for fresh adjudication Decided in favour of Assessee. Dismissal of the claim of cost of acquisition FMV provided u/s 55(22)(b)(i) of the Act as on 01.04.1981 Held that:- An option is given to the assessee to substitute fair market value as on 01.04.1981 if the property became the property of the assessee before 01.04.1981 - the assessee has claimed that the property was acquired in 1963, the cost of acquisition should be the fair market value as on 01.04.1981 thus, the matter is remitted back to the AO for verification - Decided in favour of Assessee. Denial of deduction u/s 80C of the Act Tuition fee for education - the AO has referred to the claim of deduction u/s. 80C relating to the payment of housing loan - in the assessment order while computing the assessed income, no deduction u/s. 80C in respect of tuition fees has been allowed by the AO - The AO is directed to allow the claim of the assessee for deduction u/s. 80C of the Act in relation to the payment of housing loan along with the claim of payment of tuition fees Decided in favour of Assessee.
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