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2022 (7) TMI 857 - AT - Income TaxCapital gain - deduction of indexation value of fair market value as on 01/4/1981 - HELD THAT:- On perusal of Form No. 35 and grounds of appeal annexed therewith, we find that the assessee has raised specific ground of appeal for allowing indexation cost as on 01/04/1981. However, this ground of appeal has not adjudicated by the ld. CIT(A). We also find that the property was acquired prior to 01/04/1981 by the predecessor in interest of assessee, thus the cost of acquisition for the purpose of indexation has to be taken from the year 1981, therefore, we direct the Assessing Officer to grant deduction on the basis of indexed value as on 01/04/1981. Needless to direct that before passing the order on this issue/claim, AO shall grant opportunity of hearing to the assessee and to pass the order in accordance with law. The assessee is also directed to provide complete details to the assessing officer and not to cause further delay. In the result, the limited submissions made by the assessee against various grounds of appeal raised by the assessee are allowed for statistical purpose.
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