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2014 (7) TMI 1335 - AT - Income TaxRectification of mistake u/s 254 - applicability of provisions of s. 50C in determining the deemed full value of consideration received - AO was directed to recompute the capital gains applying the provisions of s. 50C and the assessee is objecting to the same - HELD THAT:- We wish to point out that it is well settled that the Tribunal is the final fact finding body. The findings of the Tribunal are not liable to be interfered with, unless the Tribunal has taken into consideration any irrelevant material or has failed to take into consideration any relevant material or the conclusion arrived at by the Tribunal is perverse in the sense that no reasonable person, on the basis of the facts before the Tribunal, could have come to the conclusion to which it has come. In the present case, we have to point out that in the absence of both the lower authorities not considering the provisions of s. 50C, Tribunal in its inherent powers was right in setting aside the issue to the file of the Assessing Officer to follow the procedure prescribed u/s. 50C of the Act. The legal principal that while giving effect to the order of the Tribunal assessed income cannot be enhanced is implicit in each order of the Tribunal. However, since the same has not been explicitly stated in the order of the Tribunal dated 4.4.2014 at para 13, now we amend para 13 of the Tribunal order dated 4.4.2014 and the following sentence is added to para 13 which reads as under: "Further, the Assessing Officer while giving effect to the order of the Tribunal shall compute the capital gains by applying the provisions of s. 50C and ensure that the finally decided capital gain does not exceed the capital gains originally assessed in the assessment order." MAs are partly allowed.
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