TMI Blog2018 (4) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... li expenses, Assessing Officer has allowed the said claim after going through the documents and after being satisfied about the claim. The assessee’s issue is squarely covered in his favour by the decision of Hon'ble Supreme Court in the case of CIT Vs. Max India Ltd.(2007 (11) TMI 12 - Supreme Court of India). Thus this is not a fit case for revision as the assessment order is neither erroneous nor prejudicial to the interest of the Revenue. - Decided in favour of assessee. - I.T.A. No.177/Nag/2017 - - - Dated:- 5-3-2018 - SHRI G.D. AGRAWAL, PRESIDENT AND SHRI MAHAVIR SINGH, JUDICIAL MEMBER For The Appellant : Shri Kapil Hirani, CA. For The Respondent : Shri Gitesh Kumar, Senior DR. ORDER PER BENCH : Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revision u/s 263 on the same. The AO has been granted an option to refer the valuation of property to the DVO in cases where the AO feels the need to do so. The AO in the present case being satisfied with the valuation as submitted by the appellant accepted the valuation and assessed the capital gains. The ld.AO having taken a view in accordance with law, the order of the AO cannot be held to be amenable to be revised u/s 263 for failure to refer the valuation to the DVO. 5. The AO while passing his order u/s 143(3) r.w.s. 147 held the valuation as per the valuation report to be proper and thus adopted one of the possible two views and therefore his order cannot be termed as erroneous and is not amenable to be revised u/s 263. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 50C : Rs.1,70,00,000/- As per details submitted by you The cost of acquisition valued at : Rs.19,32,000/- on 01.04.1981 Indexed cost of acquisition : Rs.1,12,44,240/- Cost of improvement (As shown in valuation report) : Rs.15,11,000/- in 1998-99 Indexed cost of improvement : Rs.23,08,141/- Expenses on transfer : Rs.03,40,000/- Long Term Capital Gain : Rs.31,07,619/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lali expenses and assessee, in regard to above details and as per law, computed the capital gain on sale of the property. During assessment proceedings, all the details as desired by the Assessing Officer were furnished from time to time and Assessing Officer, vide his order dated 4th February, 2015 u/s 143(3) read with Section 147 of the Act, enhanced the Long Term Capital Gain to the assessee to ₹ 18,33,495/- thereby making an addition of ₹ 15,41,716/-. This addition is under challenge before CIT(A) as informed by the learned counsel for the assessee. It was explained before us and we have also gone through the records and noticed that the CIT s first observation that the assessee has claimed indexed cost of improvement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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