9911796707
TMI Blog2013 (11) TMI 271X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment and there was no new material gathered by the A.O. for reopening of the assessment. 2) In law and on the facts & in the circumstances of the appellant's case, the Hon'ble C.I.T.(A) erred in relying on the valuation report as prepared by Shri Umrigar, which adopted rent capitalization method under Wealth Tax Act instead of relying on the Valuation Report of Shri Ganjawala which was for the purpose of determining the fair market value (FMV) as on 01.04.1981 which was under the provisions of the Income Tax Act, 1961 for the purpose of computing the capital gains made on the sale of the impugned property". 2. The facts of the case as per the orders of the revenue authorities are that the assessee is a co-owner of the property sit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t should riot he considered. The appellant calculated the Long Term Capital Gain indexing the cost of property from the year 1-4-1981 the property was inherited by the assessee as per deed of partition among the family members who owned property before 1-4-1981. As the learned Assessing Officer has no authority issue notice u/s. 148 and as the assessment made u/s 143(3) is time barred, the entire; assessment proceeding is required to be squashed". 3. The AO rejected all the contentions raised before him, both with regard to issue of notice u/s 148 and merits. 4. The assessee approached the CIT(A), who sustained the order of the AO. 5. Aggrieved, the assessee is now before the ITAT. 6. At the time of hearing, the AR placed before us th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the coordinate Bench has given a finding, which has to be followed in the instant case. 9. In so far as the merits as per ground no. 2 before us, the AR pointed out that the coordinate Bench has restored the issue to the file of the AO, "The assessee's objection on adopting report of Shri Umrigar for the purpose of capital gains also required detailed examination of the AO, as CIT(A) took upon himself without giving opportunity to the AO. In view of these, since the issue of adoption of value under section 50C was referred to the AO by the CIT(A), this issue also required to be set aside to the file of AO. Therefore, both issue of sale consideration under section 50C(2) and cost of acquisition as on 01.04.81 for computing of capital gai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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