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2014 (2) TMI 435 - AT - Income TaxDeletion made on account of LTCG – Valuation of capital asset – Held that:- The conditions prescribed in section 55A of the Act have not been complied with by the AO, the DVO's report cannot be considered – Relying uponCommissioner of Income-tax Versus Umedbhai International P. Ltd. [2010 (2) TMI 631 - Calcutta High Court] - the formation of opinion of the Assessing Officer that the value claimed by the assessee less than its fair market value is sine qua non - Reasons recorded after order of reference for valuation of the registered valuer is not the substitute of pre-decisional formation of opinion – thus, there is no applicability of clause (b) of section 55A which is meant for other purpose - Decided against Revenue. Expenses on income from other sources 50% allowed – Held that:- The AO has brought out adequate reasons for disallowing of said expenditure – The AO has allowed the expenditure on an adhoc basis and has not met out the issues raised by the AO - The assessee has not shown what is the nature of the accounting charges nor the expenditure A/c nor the retaining fees - In the absence of any evidence in respect of the nature of the expenditure, the same cannot be allowed - the deletion of disallowance to the extent of @50% by the CIT(A) is erroneous and liable to be reversed – Decided in favour of Revenue.
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