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2023 (1) TMI 1067 - AT - Income TaxComputation of Capital Gains (Loss) - Determining the cost of acquisition u/s 49(2AA) - Restriction of cost of acquisition in respect of shares sold - assessee had not produced Tax Residency Certificate (TRC) as directed by the DRP - return of income was filed in the capacity of “non-resident” - loss claimed under the head “capital gains” - HELD THAT:- The assessee had furnished the proof that he has paid taxes in USA (as perquisite) and in India. In the instant case, since, the assessee had produced the TRC as per the directions of the DRP, we refrain from adjudicating whether TRC is mandatory for determining the cost of acquisition u/s 49(2AA) of the I.T.Act. Hence, we affirm the directions of the DRP. In the interest of justice and equity, we restore the issue to the files of the A.O. The A.O. is directed to examine the TRC and the same if it is found to be in order, the cost of acquisition shall be taken at Rs.2,13,73,563 as claimed by the assessee in his return of income. With these observations, we restore the matter to the files of the A.O. The A.O. is directed to afford a reasonable opportunity of hearing to the assessee and decide the issue in accordance with law - Appeal filed by the assessee is allowed for statistical purposes.
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