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2019 (7) TMI 751 - HC - Income TaxCapital gain computation - cost of acquisition of land as on 01.04.1981 - rejection of cost of acquisition based on registered valuer without evidence - HELD THAT:- The findings recorded by the appellate tribunal that the assessee submitted report of registered valuer vide dated 23.09.2013 during assessment proceedings and the value adopted by the registered valuer was ₹ 99/per sq.mt. from the assessment order, it is also discernable that the AO has completely ignore the report of the registered valuer and without any discussion thereon estimated the cost at ₹ 30/per sq.mt. without any reasonable basis and justified reasoning. They are also in agreement with the conclusion drawn by the ld. CIT(A) that the assessee was not confronted by the AO before estimating the cost of acquisition at ₹ 30/per sq.mt. and thus, the AO was not right in estimating the cost of land as on 01.04.1981 at ₹ 30/per sq.mt. without any basis and keeping aside rather ignoring the report of the registered valuer submitted before him during assessment proceedings. In our opinion, the first question is a power question of fact and we do not find any error at the end of the tribunal in taking the aforesaid view. Reopening of assessment - non- issuance of notice u/s.143(2) - HELD THAT:- Tribunal upheld the finding of CIT(A) that there is not any iota of evidence or document to establish that before framing reassessment order u/s.143(3) r/w. s.147, the AO issued mandatory statutory notice u/s.143(2) to the assessee therefore, the reassessment order passed in pursuant to such proceedings without complying with the mandatory provisions of the Act cannot held as valid and sustainable. We are of the view that no error, not to speak of any error of law could be said to have been committed by the tribunal in so far as the second question, which has been passed by the revenue is concerned. - appeal is dismissed.
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