2023 (1) TMI 951 - AT - Income Tax
Reopening of assessment u/s 147 - jurisdiction of the ld. AO related to calculation of capital gain of the assessee without referring the issue to DVO - HELD THAT:- After a thoughtful consideration from all four amended grounds, we found that the assessing authority had passed the order beyond his jurisdiction by calculating the cost of acquisition on basis of his own assumption. So, the entire issue is setting aside to the ld. AO and the issue should be referred to DVO for considering the cost of acquisition of the property before computing the total income.
Both the revenue and the counsel of the assessee had not made any objection for remanding back the issue before the ld. AO. Needless to say, that the AO shall provide proper and adequate opportunity of being heard to the assessee in set aside proceedings. The evidence/explanation submitted by assessee in its defence shall be admitted by the AO, and adjudicated on merits in accordance with law. We order accordingly.