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2023 (6) TMI 763 - ITAT CHENNAICapital gain computation - computation of indexed cost of acquisition - Reference to DVO for determining FMV of the property in terms of provisions of Sec. 50C - Denial of deduction u/s. 54F - HELD THAT:- AO is completely erred in adopting full value of consideration in terms of provisions of Sec. 50C even though, he had referred the valuation of the property to the DVO. We further noted that in two co-owners case [2019 (11) TMI 1795 - ITAT CHENNAI] Tribunal has set aside the issue to the file of the Ld.CIT(A) to readjudicate the issue of computation of long term capital gains from sale of property after receipt of the Valuation Report from the DVO in terms of provisions of Sec. 50C. Since, the assessee is one of the co-owners of the property sold by family members, by following the decision of ITAT, Chennai Benches, in other co-owner case, we set aside the issue to the file of the Ld.CIT(A) for re-adjudication after receipt of the Valuation Report from the DVO u/s. 50C. In so far as, the appeal filed by the Revenue is concerned, the main issue involved is deduction claimed u/s. 54F - Since, the main issue of computation of full value of consideration in terms of provisions of Sec. 50C has been set aside to the file of the CIT(A), and other consequential issues like deduction towards indexed cost of acquisition and deduction claimed u/s. 54F also needs to be re-adjudicated by the CIT(A).
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