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2022 (2) TMI 315 - AT - Income TaxCapital gain computation - action of the DVO in assessing the fair market value of the property sold as against sale consideration recorded in the sale deed - AO by applying the provisions of Section 50C of the Act treated the sale consideration as per circle rates i.e., stamp duty valuation at ₹ 5.95 crores and computed the capital gains accordingly - HELD THAT:- The assessee has produced one letter dated 27.11.2019 filed with the DVO only on 29.11.2019 raising objections - Similar objections were raised by the assessee before CIT(A) and the CIT(A) has reproduced these objections in his order but these were never considered nor adjudicated upon. Keeping in view the entirety of facts in mind, we are of the considered view that the above objections cannot be decided at this stage because this being a technical issue. Moreover, the CIT(A) has passed a non-speaking order as noted above. Let the matter be referred back to the file of the AO, who will refer the matter back to the file of the DVO to consider the objections raised by the assessee and then determine the fair market value as per law. Hence, we set aside the orders of the lower authorities i.e., of the AO and that of the CIT(A) and remand the matter back to the file of the AO for reconsideration of the objections of the assessee. Disallowance of improvement cost, disallowance of deduction towards brokerage expenses and disallowance of construction expenses - HELD THAT:- Since the main issue is going back to the file of the AO, these three issues can also go back to the file of AO because these issues will affect the determination of long term capital gain of the assessee. To this, the ld. senior DR has not objected. Hence, we set aside these three issues also to the file of the AO. The orders of the lower authorities are set aside and these three issues are remanded back to the file of the AO.
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