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2022 (1) TMI 603 - HC - Income TaxAddition of LTCG - determination of cost of construction - Ignorance of documents furnished by the appellant in support of his claim with regard to the agreement to sell - authority considered the value of the construction based on the available material - HELD THAT:- AO has determined the cost of construction said to have been incurred based on the information collected but the same is not disclosed in the order. Even assuming the said cost of construction and the cost of acquisition determined is on the basis of the material available on record, the same ought to have been reflected in the assessment order, to clarify that the authority has applied the mind in the right perspective. It is discernable that the CIT (Appeals) though has issued notice, the same having been returned without due service of summons, as there was no other option, proceeded to pass ex-parte order. In such circumstances, in the interest of justice and equity, keeping in mind the principles of natural justice and in view of the CIT (Appeals) dismissing the appeal merely recording the observations made in paragraph No.6 of the assessment order sans independent application of mind, we are of the considered opinion that the said order calls for interference by this Court. Further, the finding of the Tribunal based on ex-parte order of the CIT (Appeals) also warrants interference. We deem it appropriate to set aside the orders passed by the Tribunal as well as the CIT (Appeals) in order to provide one more opportunity to the assessee to putforth the material evidence inasmuch as the cost of construction and the valuation report as well as the additional expenses said to have been incurred towards new house, before the CIT (Appeals).
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