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2017 (4) TMI 810 - AT - Income TaxEnhancement of Income - calculation of long-term capital gain i.e. deduction u/s. 54 - reference to DVO - Held that:- The assessee had sold his inherited property in which she had a 12.5% share is a coparcener of Hindu Undivided Family (HUF),that all the coparceners of HUF decided to develop the property and the development agreement was entered with the developer, that the assessee had shown his long-term capital gain at ₹ 19.26 lakhs in his return of income, that the original assessment was revised by the AO, as per the direction of the CIT, passed u/s. 263 of the Act, that in the order passed u/s.143(3)r.w.s. 263, the AO enhanced the income of the assessee,that he did not consider the claim made by the assessee during the course of assessment proceedings towards deduction u/s.54 of the Act,that the FAA confirmed the order of the AO and made further additions. We find that the entire plot of land was not handed over by the HUF to the developer,that the FAA had adopted wrong figures in the Tables for enhancing the income of the assessee,that the assessee had objected to the valuation of stamp duty authorities,that the matter was not referred to the DVO,that the assessee had challenged the original order of the AO before the FAA,that the then FAA had decided the issue in favour of the assessee,that during the assessment/appellate proceedings,challenging the order passed u/s.143(3)r.w.s.263 the order of the then FAA was not considered,that one of the grounds raised the assessee before the FAA remained unadjudicated.In our opinion,in these circumstances,the matter should be restored back to the file of the FAA for fresh adjudication,in the interest of justice. Appeal filed by the assessee stands partly allowed.
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