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2021 (4) TMI 960 - HC - Income TaxComputation of capital gain - appellant entitlement to adjust the indexed cost of acquisition under the second proviso to Section 48 while computing capital gains on the sale of shade trees during the assessment year 2007-08 - Whether the findings of the Tribunal “that it was incumbent on the appellant to allege during the assessment proceedings that the trees which were now sold were in existence prior to 01.04.1981” and “no such material / evidence was brought on record before the Tribunal or the lower authorities” is perverse, contrary to the record and illegal?" - assessee submitted that the finding recorded by the Tribunal in this regard is perverse, as the same is based on surmises and conjectures - HELD THAT:- After perusal of the record, in our considered opinion, the factual controversy between the parties requires adjudication afresh, in the light of the material available on record. The impugned orders passed by the Tribunal / Commissioner of Income Tax (Appeals) as well as by the Assessing Officer are hereby quashed. The matter is remitted to the Assessing Officer to make a fresh assessment again.
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