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2008 (3) TMI 645 - HC - Income TaxCancelling assessment pertaining to capital gains on sale of land and building - Held that:- Tribunal and the first appellate authority went wrong in just relying on the statement in cross-examination and in accepting the case of the respondent that the hospital building and large extent of over 1 acre of land was sold for the price declared in the document. We therefore reverse the order of the Tribunal and that of the first appellate authority on this issue and hold that capital gains has to be computed on the sale price at ₹ 71 lakhs. However, since the other issues, namely, base-year market value of the land for determining long-term capital gains and the contest against quantum assessment, were not gone into by the first appellate authority, we set aside the order of the Tribunal and that of the first appellate authority and remand the matter to Commissioner of Income-tax (Appeals) for rehearing and for decision afresh on other issues in the appeal. We make it clear that the assessee will be entitled to apply for waiver of interest under sections 234B and 234C, etc. Appeal allowed.
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