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2015 (8) TMI 75 - AT - Income TaxCapital Gains - Determination of value u/s 50C - Calculation of capital gain by adopting the circle rate of the commercial land - petrol pump was installed on the inherited land - AO ignored the loan taken by the assessee for the business of petrol pump - The petrol pump was closed for last ten years - Held that:- the objection is very much necessary in order to give proper justice to the assessee. Hence, in our considered opinion, the issue in dispute requires reconsideration at the level of the Assessing Officer. Therefore, the Assessing Officer is directed to refer the matter to the DVO to decide the aforesaid objections as mentioned in Hindi Language and thereafter the AO may decide the same after hearing the assessee afresh in accordance with law. - matter remanded back.
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