Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1893 - AT - Income TaxAddition of capital gain - AO adopted guideline value of the land and assessed Long Term Capital Gain under section 50C - HELD THAT:- Before the ld. CIT(A), the assessee has raised a specific ground that the Assessing Officer should take the value fixed by the Valuation Cell of IT Department and rework the long term capital gain of the co-owners. However, we find that the ld. CIT(A) has erroneously taken the sale consideration at ₹.52.66 crores and wrongly concluded that the valuation adopted by the DVO of ₹.48.99 cores was less than the sale consideration returned by the assessee and accordingly directed to accept the returned income. Since the DVO value of ₹.48.99 crores is more than the sale consideration of ₹.32 crores, we set aside the order of the ld. CIT(A) and direct the Assessing Officer to adopt the DVO value of ₹.48.99 crores as sale consideration for the purpose of computation of long term capital gain. Thus, the ground raised by the Revenue is allowed.
|