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2015 (9) TMI 1227 - AT - Income TaxAddition made on the basis of circle rate u/s. 50C - Held that:- In, the facts and circumstances of the present case attracts the provisions of section 50C(2) of the I.T. Act, 1961, because the assessee has made the objection for invoking the provisions of section 50C(1) of the Act and the AO had not referred the Valuation Report to the DVO, as per provisions of section 50C(2) of the I.T. Act, 1961 and without doing so, the AO had made the addition in dispute which was wrongly been upheld by the Ld. CIT(A). Keeping in view of the facts and circumstances of the case as explained above, the assessee has made out his case for consideration as claimed in terms of provision of section 50C(2) of the I.T. Act, 1961 which has not been done by the Revenue Authorities. Therefore, respectfully following the decisions of the Tribunal including the Hon'ble Madras High Court judgment in the case of Appadural Vijayaraghwan vs. JCIT (2014 (9) TMI 13 - MADRAS HIGH COURT ) set aside the matter in dispute to the file of the AO to work out the capital gain by invoking the provisions of section 50C(2) of the I.T. Act., after providing adequate opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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