Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1310 - AT - Income TaxShort Term Capital Gain addition applying provisions of Section 50C - FMV determination - calculating the sale consideration of the industrial land sold by the assessee on the basis of the value adopted by the stamp valuation authorities - Held that:- Direct the CIT(A) to adjudicate this issue afresh after procuring the valuation report from the Departmental Valuation Officer about the fair market value of the impugned industrial land situated at Bhagirathpura Industrial area, Indore as on the date of sale and also after appreciating the documents which are related to the unauthorized possession of the industrial land owned by the assessee and the litigation carried between the assessee and other parties. Needless to say that a proper opportunity of being heard should be given to the assessee to furnish necessary documents and details of the property to the Departmental Valuation Officer as well as Ld.CIT(A). Ground of appeal of the assessee is allowed for statistical purposes.
|