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2018 (1) TMI 237 - AT - Income TaxRevision u/s 263 - assessment was completed without making proper inquiry as to the correct quantum of capital gains and correct hands in which it was chargeable - Held that:- It was stated by the appellant that property was purchased from joint family funds under an agreement dated 03.07.1980 for ₹ 64,750/- from Manjulaben D/o. Maganlal Narayandas and even possession was also taken. Therefore, the cost of acquisition of the said property should be taken at its FMV as on 01.04.1981 at ₹ 1,50,000/- and indexation should be done accordingly. The appellant had also claimed by way of cost of improvement ₹ 3,25,000/- jointly incurred by the family members towards removal of slum and hutments on this land during 01.04.1989 to 31.03.1991. On the other hand CIT has stated that the said property was purchased on 06.07.1999 as stated in the sale deed so that the title was acquired on 06.07.1999 and indexation was to be made on the basis of F.Y. 1999-2000 by taking the cost of acquisition at ₹ 50,000/-. We set aside the order of the ld. CIT and remit this matter back to the file of the AO to examine whether appellant was in possession of property on 03/07/1980 or was not. The appellant is also directed to file the relevant documents in support of his contention before the AO and thereafter, matter will be decided by the AO as per law. - Decided in favour of assessee.
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