TMI Blog2014 (8) TMI 719X X X X Extracts X X X X X X X X Extracts X X X X ..... d on that basis, the application of Sec. 50C. It is clear from the fact that except for the last installment everything was completed prior to 2001-02 - thus, the order of the CIT(A) is upheld – Decided against Revenue. Treatment of interest income under income from other sources – Disallowance of business loss – Held that:- Assessee had rightly contended that the business loss in earlier years was allowed by the AO - the interest income was taxed as business income in earlier years, therefore, there is no reason in changing the head of income for the year - Following the decision in Asst. Commissioner of IT. 12(1), Mumbai Versus M/s Manubhai A Sheth Larger HUF [2012 (9) TMI 682 - ITAT MUMBAI] – the matter is remitted back to the AO for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent value and as such the provisions of section 50-C of the Act do not apply on the facts of the case. Taking a leaf out of the assessment order for A.Y. 2006-07, the A.O. proceeded to apply the ready reckoner rate and recomputed the long term capital gain and completed the assessment. The assessee carried the matter before the ld. CIT(A) and explained that the A.O. has erred in adopting the ready reckoner rate when the valuation of stamp duty authority is much less than the agreement value. After considering the facts and submissions of the assessee, the ld. CIT(A) was convinced that the findings of the A.O. are erroneous and accordingly directed the A.O. to compute the capital gain using the valuation of the stamp duty authority on the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e nor could have been applied. In these circumstances, we have to accept the findings of the CIT(A) who has based his order on the CIT(A) s order for assessment year 2005-06, where, the then CIT(A) has dealt with all the issues elaborately. 19. In these circumstances, we do not deem it fit to disturb the findings of the C1T(A). The AO is directed to accept the LTCG as determined and offered by the assessee in its return. 5. The facts and issues being identical, respectfully following the decision of the co-ordinate Bench of this Tribunal, we uphold the findings of the ld. CIT(A) on this issue. The appeal filed by the Revenue is accordingly dismissed. ITA No. 802/Mum/2011 (Assessee s appeal) 6. The assessee is aggrieved by : 1) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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