TMI Blog2014 (7) TMI 1335X X X X Extracts X X X X X X X X Extracts X X X X ..... verse in the sense that no reasonable person, on the basis of the facts before the Tribunal, could have come to the conclusion to which it has come. In the present case, we have to point out that in the absence of both the lower authorities not considering the provisions of s. 50C, Tribunal in its inherent powers was right in setting aside the issue to the file of the Assessing Officer to follow the procedure prescribed u/s. 50C of the Act. The legal principal that while giving effect to the order of the Tribunal assessed income cannot be enhanced is implicit in each order of the Tribunal. However, since the same has not been explicitly stated in the order of the Tribunal dated 4.4.2014 at para 13, now we amend para 13 of the Tribunal or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 38,56,040 and compute the capital gain accordingly. 4. Against the order of the CIT(A), both the Department (in ITA No. 896/Hyd/2013) and the assessee (in ITA No. 853/Hyd/2013) filed appeals before the Tribunal. The Tribunal while deciding the cross appeals for A.Y. 2007-08 in ITA No. 896/Hyd/2013 and in ITA No. 853/Hyd/2013 vide para Nos. 12 and 13 held as follows: We heard both the parties and perused the material available on record including the impugned orders of the Revenue authorities. The main issue that arises for our consideration in these cross appeals relates to the determination of sale proceeds received by the assessee on the sale of the sixth apartment, i.e. whether it is ₹ 22,68,000 as disclosed by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is the case of the assessee that what is sold is a semi-finished one and not a completed one, the case of the Revenue is that the works got done through Bhoopal Reddy and Co. cannot be accepted as genuine, and what the assessee got in terms of development agreement and sold by him is only an apartment, construction of which was complete in all respects. With regard to the works got done through Bhoopal Reddy and Co., the assessee has to substantiate his claim. 13. Considering totality of facts and circumstances of the case, we set aside the impugned order of the CIT(A), and restore the matter to the file of the Assessing Officer, with a direction to re-examine the matter after following the procedure envisaged in S. 50C of the Act i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 38,56,040. However, both the authorities have omitted to consider the applicability of provisions of s. 50C in determining the deemed full value of consideration received. In the impugned order the Assessing Officer was directed to recompute the capital gains applying the provisions of s. 50C and the assessee is objecting to the same. 7. We wish to point out that it is well settled that the Tribunal is the final fact finding body. The findings of the Tribunal are not liable to be interfered with, unless the Tribunal has taken into consideration any irrelevant material or has failed to take into consideration any relevant material or the conclusion arrived at by the Tribunal is perverse in the sense that no reasonable person, on the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we would like to point out that the legal principal that while giving effect to the order of the Tribunal assessed income cannot be enhanced is implicit in each order of the Tribunal. However, since the same has not been explicitly stated in the order of the Tribunal dated 4.4.2014 at para 13, now we amend para 13 of the Tribunal order dated 4.4.2014 and the following sentence is added to para 13 which reads as under: Further, the Assessing Officer while giving effect to the order of the Tribunal shall compute the capital gains by applying the provisions of s. 50C and ensure that the finally decided capital gain does not exceed the capital gains originally assessed in the assessment order. 10. In the result, both the MAs are par ..... X X X X Extracts X X X X X X X X Extracts X X X X
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