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2017 (7) TMI 417 - ITAT CHENNAIInvoking provisions of section 50C(2) - Disallowance to cost of improvement in the property and expenses in relation to transfer - reference to DVO - Held that:- From the facts of the case it is apparent that the learned Assessing Officer and the learned Commissioner of Income Tax (Appeals) did not comply with the provisions of section 50C(2) of the Act. Further, no opportunity was given to the assessee to establish the correct market value of the land sold by him. It also appears that the assessment was done hurriedly due to paucity of time since the assessment was time barring. Therefore, in the interest of justice, we hereby remit back the entire case to the file of the learned Assessing Officer for de novo consideration. However, we also direct the assessee to promptly co-operate with the Revenue in their proceedings failing which the Revenue authorities shall be at liberty to pass appropriate orders in accordance with merit & law based on the materials on record. Appeal of the assessee is allowed for statistical purposes.
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