TMI Blog2018 (8) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... and circumstances of the case and considering the original assessment order passed by the learned Assessing Officer as well as the subsequent order passed by the learned Assessing Officer under Section 154 of the Income Tax Act, we see no reason to interfere with the impugned order passed by the learned Tribunal. - Decided against the revenue. - R/TAX APPEAL NO. 877 of 2018 - - - Dated:- 23-7-2018 - MR. M.R. SHAH AND MR. A.Y. KOGJE, JJ. For The Appellant : MRS MAUNA M BHATT (174) For The Respondent : MR VIJAY S RANJAN (6126) ORAL JUDGMENT ( PER : HONOURABLE MR.JUSTICE M.R. SHAH) [1.0] Feeling aggrieved and dissatisfied with the impugned order passed by the learned Income Tax Appellate Tribunal B B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ong term capital gain at ₹ 7,30,05,993/-. At this stage, it is required to be noted that the assessment was scrutiny assessment. Thereafter, the learned Assessing Officer in exercise of powers under Section 154 of the Income Tax Act passed the revised assessment order and recalculated the indexed cost of acquisition applying the provisions of Section 48(iii) of the Income Tax Act, which worked out to ₹ 4,67,61,819/- as against ₹ 7,71,50,007/- shown by the assessee and long term capital gain of ₹ 10,33,94,94,181/- as against ₹ 7,30,05,993/- shown by the assessee. Consequently, the learned Assessing Officer enhanced the long term capital gain by ₹ 3,03,88,188/-. Feeling aggrieved and dissatisfied with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter a detailed enquiry and considering the material /record. Thereafter in exercise of powers under Section 154 of the Income Tax Act, the learned Assessing Officer has revised the original assessment order by holding that the learned Assessing Officer did not calculate the indexed cost of acquisition in accordance with law and under the provisions of Section 48(iii) of the Income Tax Act, and therefore, having opined that there was a mistake on the part of the learned Assessing Officer while passing the original assessment order, the learned Assessing Officer recalculated the indexed cost of acquisition and passed the revised assessment order under Section 154 of the Income Tax Act. As rightly observed by the learned CIT(A), confirmed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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