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2017 (2) TMI 1182 - AT - Income TaxClaim of long term capital gain - examining cost of acquisition, cost of improvement - treatment to sale as giving rise to short term capital gain under section 50A - Held that:- As evident from the observations made by the Assessing Officer in the first round of proceedings, the Assessing Officer had accepted the expenses shown by the assessee and there were no disputes in this regard. The short point on which the matter was sent to the file of the Assessing Officer was with respect to verification about depreciation and whether sale in question is to give rise to taxability under section 50A or section 48. Once Assessing Officer holds that the sale gives rise to taxability under section 48 as long term capital gains, the matter ends there. It was no longer open to him to examine the details about cost of acquisition and cost of improvement which were examined and accepted in the first round. In considered view, the Assessing Officer exceeded his brief in this i.e. second round of proceedings. In view of the above discussions, vacate the Assessing Officer’s order on these points and, therefore, delete the impugned addition. The assessee gets the relief accordingly.
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