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2015 (6) TMI 59 - AT - Income TaxComputation of capital loss - AVO adopted a detailed measurement method instead of rent capitalization method and secondly, the property was sold in distress - AO referred the property to the AVO and adopted the value reported by the AVO for calculation of capital gains rather than adopting the value of stamp valuation Authority and recomputed the long term capital gains resulting in an addition of ₹ 17,73,417/- (AVO'S Valuation of property at ₹ 28,24,100/- minus Index cost of acquisition as given by the assessee) as against ₹ 4,71,150/ - Held that:- We have perused the judgment of CIT vs. New India Construction Co. (1980 (2) TMI 64 - DELHI High Court), and therefore, we are of the view that in the interest of justice, the present issues in dispute are required thorough examination at the level of the Assessing Officer, hence, we quash the order of the Ld. CIT(A) and remit back the issues in dispute, to the file of the Assessing Officer, with the direction to decide the present issues in dispute, in accordance with the aforesaid directions of CIT vs. New India Construction Co. after giving adequate opportunity of being heard to the assessee. - Decided in favour of assesse for statistical purposes.
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