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2018 (12) TMI 103 - AT - Income TaxComputation of capital gains u/s 48 - expenditure not incurred wholly and exclusively in connection to the transfer of the property - Held that:- Matter requires reconsideration at the level of the A.O. A.O. has examined the issue in the light of Section 48(i) and noted that except brokerage paid and transfer fee, other expenditure were not incurred wholly and exclusively in connection to the transfer of the property. A.O. did not examine the issue whether interest was paid on borrowed capital which was used for acquisition of the asset. No details have been mentioned in the impugned orders and even no specific details have been referred to during the course of arguments. Therefore, interest of justice requires that the matter should be re-examined by the A.O. in the light of contention of the assessee, in the light of provisions of Section 48(ii) and the decision relied upon by the Learned Counsel for the Assessee. Set aside the orders of the authorities below on this issue and restore the matter in issue to the file of A.O. with a direction to re-decide the above issue strictly on merits, as per law, by giving reasonable, sufficient opportunity of being heard to the assessee. Initiation of re-assessment proceedings under section 147/148 - Assessee stated that he is not in a position to argue this ground because he is not having even copy of the reasons recorded under section 148 - In the absence of any material on record and any serious challenge to the issue of re-assessment proceedings, no interference is called for in the order of the Ld. CIT(A) in rejecting this ground of appeal of assessee. - Decided partly in favour of assessee
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