TMI Blog2024 (2) TMI 787X X X X Extracts X X X X X X X X Extracts X X X X ..... hereby, set aside and the AO is directed to frame the assessment afresh after considering the valuation report submitted by the DVO if any, in accordance with law. Request for admitting the claim u/s 54B not admitted - CIT(A) being the First Appellate Authority ought to have admitted the claim since the judgement of Hon ble Apex Court in the case of Goetz (India) Ltd [ 2006 (3) TMI 75 - SUPREME COURT] do not put any fetters on the powers of Appellate Authority. Moreover, law is well settled that if any, deduction is available under law, same shall be allowed to the assessee. Appeal of the assessee is partly allowed for statistical purposes. - Shri N.K. Billaiya, Accountant Member And Shri Kul Bharat, Judicial Member For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital gain charged in the hands of the appellant as the aforesaid sale was admittedly made without receipt of sale consideration from the wife of the appellant. 6. That the Ld. CIT(A) failed to appreciate that notice u/s 148 of the Act does not meet the requirement of law, in as much as there is no reason to believe' as contemplated u/s 147 of the Act with the Ld. AO to initiate reassessment proceedings. 7. That the Ld. CIT(A) failed to appreciate that no 7 proper sanction was taken by the Ld. AO as contemplated under section 151 of the said Act. 8. That the addition cannot be sustained on the basis 8 of doubt and should be deleted as the same is based on surmises and conjectures. 9. That the assessee-appellant reser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erritory of Delhi and made addition of INR 2,15,03,436/- on account of Long Term Capital Gain ( LTCG ) by taking sale consideration at INR 2,16,67,726/- as on 12.05.2010 and indexed cost of acquisition with reference to year 1980- 81 at INR 1,64,290/-. The grievance of the assessee is that the AO committed patent error in working out sale consideration and indexed cost of acquisition without obtaining report from DVO and rejecting the valuation report furnished by the assessee. It is also seen that the assessee had made request for admitting the claim u/s 54B of the Income Tax Act, 1961 ( the Act ). But the lower authorities did not admit the claim of the assessee. In our view, Ld.CIT(A) being the First Appellate Authority ought to have adm ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
