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2020 (12) TMI 541 - AT - Income TaxDetermining the long-term capital gain chargeable to tax in the hands of the assessee - trasfer of land consequent to development agreement - HELD THAT:- As observed that the assessee herself had declared long-term capital loss in her return of income for the year under consideration as arising as a result of the execution of the development agreement with M/s. Radiant Nirman Pvt. Limited on 16.12.2015 and even during the course of assessment proceedings, no such case was made out by the assessee that there being no transfer of her land as a result of the said development agreement within the meaning of section 2(47)(v) of the Act, there was no capital gain arising from the said transaction, which was chargeable to tax in her hands for the year under consideration. It appears that this claim was made by the assessee for the first time during the course of appellate proceedings before the ld. CIT(Appeals) but the same was not specifically considered by the ld. CIT(Appeals), inasmuch as, there was no finding or decision whatsoever given by the ld. CIT(Appeals) on this aspect of the matter in his impugned order. As rightly contended by the ld. D.R., this issue thus has not been considered and decided either by the Assessing Officer or by the ld. CIT(Appeals) on merit by examining/verifying the terms and conditions of the relevant development agreement. Since the same goes to the root of the matter, we consider it fair and proper and in the interest of justice to send it back to the Assessing Officer for such examination/verification. The impugned order of the ld. CIT(Appeals) is accordingly set aside and this matter is restored to the file of the Assessing Officer for deciding the same on merit as relying on INFINITY INFOTECH PARKS LIMITED [2018 (9) TMI 111 - CALCUTTA HIGH COURT] Valuation report prepared by the DVO u/s 55A - Assessing Officer is accordingly directed to re-compute the long-term capital gain chargeable to tax in the hands of the assessee after taking into consideration the valuation report of the DVO dated 20.05.2019 and after giving the assessee proper and sufficient opportunity of being heard.
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