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2015 (11) TMI 794 - AT - Income TaxComputation of capital gains under section 50C - adoption of Fair market value proposed by the District Valuation Officer - Held that:- Grievance of the Revenue in this appeal that the learned Commissioner of Income-tax (Appeals) ought not to have deleted the addition inasmuch as the objections raised by the assessee were already considered by the District Valuation Officer in his report and without confronting the District Valuation Officer with the objection raised by the assessee the Commissioner of Income-tax (Appeals) should not have deleted the addition finds considerable merit. See CIT v. Prabhu Steel Industries Ltd. [2013 (7) TMI 204 - BOMBAY HIGH COURT] The interests of justice would be served, if the matter is restored to the file of the Assessing Officer with a direction that the Assessing Officer shall confront the District Valuation Officer with the objections raised by the assessee and the assessee shall also be given an opportunity of being heard on the report submitted by the District Valuation Officer. And accordingly the matter is remitted back to the file of the Assessing Officer for de novo assessment - Decided in favour of revenue for statistical purposes.
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