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2019 (8) TMI 1272 - HC - Income TaxComputation of LTCG - transfer of property by way of part performance - on the basis of agreement to sale possession was given - disallowance of claim of the appellant u/s 54EC - ITAT held that the computation of capital gain has to be as per the provisions of the law and when the law has given an option to the assessee to adopt fair market value as on 1/4/1981 as cost of acquisition, the same cannot be denied to the assessee at any stage - HELD THAT:- No error has been committed by the tribunal in allowing the appeals and remanding the matters to the A.O. The tribunal has recorded reasons in para 7, 8 and 9 of the order, as reproduced hereinabove, for remanding the matters to the A.O. So far as the contention raised by the learned counsel for the respective assessee, as noted hereinaboave, is concerned, the same is rightly rejected by the tribunal by holding that the assessee has failed to demonstrate that he was unable to submit the evidence during the assessment proceedings or unable to take a ground before the A.O. on account of some reasonable cause. No such reasonable cost had been shown before the tribunal. The said evidence was rightly not considered by the A.O., Commissioner and the tribunal. The impugned orders passed by the tribunal in remanding the matter does not require any interference at the hands of this Court. No substantial question of law arise in both these appeals for consideration of this Court. Both the appeals are dismissed. Consequently, as held by the tribunal, now the A.O. to decide the issue afresh in the light of the claim of the assessee for substituting the fair market value as on 1/4/1981 as the cost of acquisition and the assessee is directed to furnish necessary details in support of its claim and the A.O. to consider the claim of exemption as per the provisions of the law in light of the relevant CBDT Circular and after giving reasonable opportunity of being heard to the assessee.
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