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2017 (4) TMI 520 - AT - Income TaxLon term capital gain computation - valuation u/s 50C - whether CIT(A) has merely accepted DVO report without any application of mind? - Held that:- As the assessee submitted that there was no registered agreement with the builder. The documents registered were power of attorney’s only and not the agreement for sale, hence, section 50C of 1961 Act is not applicable. Also that the authorities below adopted stamp duty valuation which is legally unsustainable. The DVO has not considered the objections raised by the assessee vide letter dated 8.3.2011, submitted in response to notice dated 09-02-2011 issued by DVO . The said non-consideration of objections has led to serious prejudice to the assessee. It was submitted that the MOU w.r.t. these properties was registered on 25.05.1996 and power of attorney was registered on 12.09.2005. It was submitted by learned counsel for the assessee also that matter may be set aside so that there is proper consideration of the objections by the authorities below. Thus, in nutshell both the ld. Counsel for the assessee and the ld. D.R. had both fairly agreed that these issues in cross appeal requires reconsideration by authorities below and matter need to be set aside for re-determination of the issues on merits, after granting proper and sufficient opportunity to the assessee and the AO as per Rule 46A(3) of 1962 Rules, also after considering the objections of the assessee.
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