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2020 (7) TMI 17 - AT - Income TaxComputation of capital gain by adopting sale consideration as per provisions of section 50C - Assessee objected to the adoption of stamp duty valuation before the AO by stating that the property sold by him did not have any approach road and is away from main road - HELD THAT:- Reply furnished by the assessee would amount to objection to the adoption of stamp duty value. In that case, in terms of section 50C(2) of the Act, the A.O. should have referred the matter of valuation to the DVO. Since the provisions of section 50C(2) of the Act have not been complied with, we are of the view that this issue requires fresh examination at the end of the A.O. Accordingly, we set aside the order passed by CIT(A) on this issue and restore the same to the file of the A.O. for examining the same afresh in terms of section 50C(2) - After affording adequate opportunity of being heard to the assessee, the A.O. may take appropriate decision in accordance with law. Difference between gross receipts declared by the assessee and that was shown in form 26AS - HELD THAT:- Assessee is following cash system of accounting. The submission of the data before tax authorities was that his clients, who are following mercantile system of accounting, might have deducted TDS on the amount payable by them and hence those amounts have been reflected in form no.26AS. However, since the assessee is following cash system of accounting, the amount actually received by him was declared in the income tax return filed by him. It was also submitted that the assessee did not receive the difference amount, shown in form 26AS till the date of completion of the assessment. However, the above said explanation was rejected by the tax authorities without making further enquiries in this regard. In our view, the A.O. should have made necessary enquiries from the parties who had deducted TDS and should have taken decision accordingly. In this view of the matter, this issue also requires fresh examination of the addition at the end of the A.O. Accordingly, we set aside the order passed by the Ld. CIT(A) on this issue also. Decided in favour of assessee for statistical purposes.
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