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2023 (1) TMI 21 - AT - Income TaxCapital gain computation - sale of agriculture land - Applicability of section 50C - CIT-A upheld the substitution of the sale consideration received by the assessee by stamp duty value as per section 50C but at the same time, rejected valuation of cost of acquisition of the property adopted by the AO on the basis of valuation done by the DVO, and directed the AO to adopt the value of cost of acquisition taken by the assessee - HELD THAT:- We find merit in the contentions of the ld.counsel for the assessee that actual consideration received by the assessee was to be considered for computing capital gain as opposed to its substitution by the stamp duty value as per section 50C of the Act, on account of the third proviso to section 50C whichthough brought on the statute w.e.f. 1.4.2019, has been held in series of decision by the ITAT as cited before us by the ld.counel for the assessee, to be retrospective in nature. Ground no.1 raised by the assessee is, therefore, allowed. Deduction u/s 54F - absence of any documents furnished by the assessee to substantiate its claim of having reconstructed his residential house - HELD THAT:- We have noted from the assessment order that there isno mention that the assessee had been put to notice before denial of this claim of deduction under section 54F - CIT(A) noted that the assessee had furnished evidence by way of certificate of Talati of the village and vouchers & bills supporting the claim of reconstruction of house to the extent of Rs.6,75,000/- on which he claimed deduction under section 54F - CIT(A) refused to admit these evidences since they were not produced before the AO. In this backdrop of facts the denial of claim of deduction u/s 54F of the Act for want of evidence appears unjustified. We consider it fit to send the issue back to the file of the AO to verify the claim of the assessee, and thereafter adjudicate the issue in accordance with law. Ground no.2 is allowed for statistical purposes.
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