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2022 (1) TMI 1042 - AT - Income TaxReopening of assessment u/s 147 - Capital gain computation - HELD THAT:- As perused the material available on record and gone through the orders of the authorities below. The assessee has not placed any material on record, suggesting that he duly disclosed the capital gain arising out of the sale transaction of the property admeasuring 250 sq. mtrs. at D-213, G-8, Sector-39, Noida and registered sale price was ₹ 22 Lakhs. However, as per the stamp duty valuation, the value was adopted at ₹ 29,02,000/-. Therefore, there is no merit in the grounds raised by the assessee hence, Ground Nos. 1 to 3 raised by the assessee are dismissed. Adopting fair market value of the property - HELD THAT:- AO in the assessment order has stated that as per the Sale Deed, the value of property estimated by Stamp Valuation Authority at ₹ 47,25,000/- and computed long term capital gain at ₹ 27,25,000/-. But Ld. CIT(A) adopted the value at ₹ 38,95,000/-. As find that there is a discrepancy in the value stated in the reasons and adopted while framing the assessment, Ld. CIT(A) has not addressed this issue - we set aside the impugned order and restore the issue of valuation of the property to the file of Ld. CIT(A) to decide the same after adverting to the issue regarding discrepancy in the reasons recorded by the Assessing Officer and finally value adopted by him u/s. 50C of the Act since there is no whisper by the authorities below in this regard. Thus, Ground Nos. 4 & 5 raised by the assessee are partly allowed for statistical purposes.
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