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2013 (11) TMI 271 - AT - Income TaxValuation - rent capitalization method - determination of fair market value (FMV) as on 1.4.1981 – sale of the impugned property - Held that:- following the decision in the case of Shri Jay Harshad Shah (HUF) vs. ITO [2013 (11) TMI 74 - ITAT MUMBAI], since the issue of adoption of value under section 50C was referred to the AO by the CIT(A), this issue also required to be set aside to the file of AO. Therefore, both issue of sale consideration under section 50C(2) and cost of acquisition as on 01.04.81 for computing of capital gains should be examined by AO afresh Reassessment - Reasons to be recorded for issuance of notice u/s 148 - Held that:- in view of decision in the case of Shri Jay Harshad Shah (HUF) vs. ITO [2013 (11) TMI 74 - ITAT MUMBAI], wherein it was held that it is only the processing u/s. 143(1) which was completed in assessee's case and AO took proceedings in all the group cases as can be seen from the various orders before ITAT for examining the capital gains computation. Since not only in assessee's case but action was taken in other co-owners case, we are of the opinion that action of the AO has to be upheld, keeping in view the principles laid down by the Hon'ble Supreme Court in the case of Rajesh Jhaveri Stock Brokers Pvt. Ltd. [2007 (5) TMI 197 - SUPREME Court] – Decided partly in favor of Assessee.
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