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2022 (10) TMI 849 - AT - Income TaxDetermination of capital gain - addition made towards the valuation as per DVOJs report u/s 50C - discrepancy between DVQ's valuation and declared value as per sale deed - HELD THAT:- We are of the considered view that if the difference between the value adopted by the DVO for estimating the sale price of the properties under consideration and the sale value declared by the assessee in its return of income is less than 15%, then the value adopted by the assessee may be taken into consideration. Accordingly, the matter is being restored to the file of the assessing officer to determine whether in the instant facts, the difference between the sale value adopted by the DVO and that by the assessee in respect of properties under consideration is less than 15% as submitted by the assessee. In the event, if such difference is less than 15%, then the sale value adopted by the assessee in its return of income may be taken into consideration, for the purpose of determining the capital gains tax. CIT(Appeals) not considering the ground of cost of improvement, stamp duty etc. - We observe that vide order sheet entry ITAT observed that assessee had not filed Form number 35, and accordingly it is not possible to decide whether this ground of appeal was raised before CIT(Appeals). We now observe that a perusal of Form 35 shows that the assessee has not raised any ground of appeal in connection with claim of cost of improvement before Ld. CIT(Appeals). Further, we have also perused the various written submissions filed by the assessee before CIT(Appeals) and from the same also it is apparent that the assessee has not filed any written submissions in respect of the claim of cost of improvement before Ld. CIT(Appeals) for his consideration. Though, apparently order of the CIT(Appeals), wherein the CIT has re-produced the relevant extracts of remand report received from the AO, there an indirect mention that “in absence of evidence to the effect, cost of improvement could not be verified”, however, besides the above, neither this ground is coming as per the grounds of appeal before CIT(Appeals), nor is it anywhere coming in written submissions filed before CIT(Appeals) during the course of appellate proceedings. Accordingly, in our considered, view ground of the assessee’s appeal is infructious since this issue was never raised before CIT(Appeals) for his consideration. Disallowance of interest expenses - HELD THAT:- CIT(Appeals) in its order has specifically observed that the assessee has simply mentioned that interest has been paid on loans taken for its property business. However, no documentary evidences have been furnished by the assessee and no nexus between the loans taken and the property purchased has been shown. Accordingly in absence of any supporting documents filed by the assessee during the appellate proceedings, Ld. CIT(Appeals) dismissed this ground of appeal of the assessee. We find no infirmity in the order of Ld. CIT(Appeals) who, on appreciation of facts/supporting documents placed before him, dismissed assessee’s appeal on this ground.
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