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2018 (3) TMI 382 - AT - Income TaxReopening of assessment - accessibility of capital gain from sale of capital asset - Held that:- Since, the assessee did not raise this issue before the authorities below and the agreement dated 13.05.2005 is not the basis of the AO to initiate the proceedings u/s 147/148 of the Act therefore, in the absence of the leave of the Tribunal to raise a fresh ground which is altogether setting up a new case and also purely factual in nature, adjudication of the same requires investigation of the facts first time pleaded by the assessee at this stage, the same cannot be allowed. Hence, we reject the ground No. 2(iii) of the assessee’s appeal and the same is not arising from the impugned orders of the authorities below Index cost of acquisition being fair market value of the asset as on 01.04.1981 and full value consideration as per the provisions of section 50C - Held that:- Since, the issue of assessability of capital gain in the year under consideration or for the A.Y. 2004-05 has been set aside to the record of the Assessing Officer which goes to the root of the matter therefore, the other issues are only consequential and can be examined only after deciding the issue of taxability of the capital gain whether in the assessment year under consideration or for the A.Y. 2004-05. Accordingly, these issues are also set aside to the record of the Assessing Officer for consideration and adjudication after deciding the issue of chargeability of capital gain in the year under consideration.
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