Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 1470 - AT - Income TaxCapital gains computation - as per valuation of stamp duty as of November 2010 when the sale agreement of agricultural land was executed between the parties OR the rate prevailing at the time of registration of the sale deed on 21.06.2011 - Held that:- CIT(A) directed the AO to compute the capital gains on the sale of agricultural land as per valuation of stamp duty prevailing in November 2010 when the total consideration has been received by the assessee by way of cheques. The capital gains were directed to be calculated by the AO on such valuation as on November 2010 or total consideration received/receivable by the assessee, whichever is higher. Taking into consideration the entire facts of the matter, the provision of law and the judgment passed by the Co-ordinate Bench in DHARAMSHIBHAI SONANI VERSUS ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE – 9, SURAT [2016 (9) TMI 1259 - ITAT AHMEDABAD] we uphold the order passed by the Ld. CIT(A) and dismiss the ground of appeal preferred by the Revenue. Deduction claimed by the assessee u/s.54 - assessee has not filed this claim for exemption in the original return of income - CIT(A) opined that the said claim of the assessee though has not been in the original return of income, the same cannot be denied if the assessee is entitled for the same. He thus, directs the AO to verify the claim of the assessee in terms of the provisions of section 54B of the Act and to allow the same if the assessee satisfies the requirement under the said provisions of law - Held that:- The approach taken by the Ld. CIT(A) in dealing with the claim u/s.54B of the assessee is just and proper, without any ambiguity, whatsoever, and we thus find no reason to interfere with the order passed by the CIT(A). The same is hereby upheld. To meet the ends of justice, we further add that the AO should give a reasonable opportunity of hearing to the assessee while considering the claim of under s.54B of the Act taking into consideration of the entire evidences already available on record as well as other documentary evidence which the assessee may choose to file in support of the claim on this issue. The ground of the appeal preferred by the Revenue is hereby dismissed.
|