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2020 (12) TMI 626 - AT - Income TaxCapital gains on the profit derived towards transfer of property u/s 50C - Refrence to DVO's report - value of consideration for the purpose of computing the capital gains on sale of an immovable property - subject matter of the lands are Government lands - HELD THAT:- DVO's report extracted by the ld. CIT(A) gave a categorical finding that the subject matter of the lands are Government lands as per the Tehsildar to the DVO. Therefore, there is no SRO value, the value for the Government lands has to be treated as NIL. The AO without considering the report of the DVO, by invoking section 50C considered the sale value of the property at ₹ 10,53,18,400/- is deemed sale consideration. We find that the AO is not correct in invoking section 50C in this case as observed by the ld. CIT(A). We are also find that the ld. CIT(A) after examining the entire details directed the AO to delete the addition. We find no infirmity in the order passed by the ld. CIT(A). Thus, this appeal filed by the Revenue is dismissed. Reopening of assessment u/s 147 - non-communication of the reasons - HELD THAT:- Since no reasons are communicated to the assessee therefore as per the decision of Alapati Kasi Subrayan [2018 (12) TMI 1461 - ITAT VISAKHAPATNAM] and also N. Surya Prakash Rao [2014 (3) TMI 1170 - ANDHRA PRADESH HIGH COURT] CIT-A correctly quashed 148 notice and cancelled the assessment order.
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