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2013 (7) TMI 285 - AT - Income TaxSale consideration on sale of Land - disallowance while calculating the Capital Gains - whether CIT(A) has erred in holing that the action of the Valuation Officer and its consequent adoption by the ITO before indexation being the value of the property as on 1-4-1981 is not in accordance with law - Held that:- The fact that the AO resorted to section 50C, it gave the assessee, reason to object to it and pray for valuation report. It is undisputed that the AO sought the valuation report and the DVO sent a preliminary report, which remained unconfronted. This itself brought in the infirmity in the order. As held in Tin Box Co. vs CIT [2001 (2) TMI 13 - SUPREME Court] wherein it has been held that in absence of proper opportunity of being heard, the order lacs sanctify. This is apparent from the fact that preliminary report was received by the AO on 26.12.2007 and he passes the assessment order on 27.12.2007. This, itself shows that the assessee did not get proper and adequate opportunity to rebut the preliminary valuation report. Since both the appeals, are founded on the factum of sale of property, while admiting the additional evidence, as filed by the assessee, alongwith the Affidavit and consequentially, in the interest of justice to both the sides, restore the issue of sale of property and its consequential effects to the file of the AO.
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