Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (3) TMI 474 - AT - Income TaxSale of the plot of the land attract the provision of sec.50C for the purpose of computing the capital gain u/s.48 - Held that:- Set aside the order of the CIT (A) and restore the issue of valuation to the file of the A.O. with the direction to refer the same to the DVO in the light of our above observations. The DVO should only consider net of land transfer to Developer by the assessee after considering acquisition made by the Govt as well as Thane Municipal Corporation as discussed hereinabove and also to exclude the value of TDR or additional FSI included in the consideration shown in the Development Agreement. Needless the say the A.O. should give reasonable opportunity of being heard to the assessee.
|