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TMI Blog2013 (12) TMI 950X X X X Extracts X X X X X X X X Extracts X X X X ..... r, on the first date of hearing, which was 26.7.2013, nobody appeared despite issue of notice. Again notice was issued Registered Post on 04/07/2013 for hearing on 23.8.2013. Since sufficient advance notice was given to the assessee, the reason given as his authorized representative was out of station, cannot be accepted. Hence, the petition for adjournment is rejected and we are disposing of this Miscellaneous Petition on merits. 3. In the written submission, it is stated by the assessee that the quantum of relief allowed under Section 54EC was never a subject matter of appeal before the CIT(Appeals) or the Tribunal. Assessing Officer had considered allowance of exemption under clause (a) of Section 54EC(1) of the Act. Since this aspect w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of the term 'full value of consideration' vis-à-vis application of Sec.54F of the Act. Crux of the decision is that once the entire amount of consideration stood deployed, or invested in accordance with Sec.54F, then provision of Sec.50C could not be invoked. The same view was also taken by the Jaipur Bench in the case of Shri Prakash Karnawat v. ITO (supra). However, admittedly in the given case, entire capital gains were not invested by the assessee in the bonds. The total sale consideration received was Rs. 79 lakhs and the capital gains on such transaction after deducting indexed cost of acquisition, as per the assessee's own working out to Rs. 75,15,796/-. Assessee had invested only Rs. 75 lakhs in the SIDBI capital gain Bond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long-term specified asset, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- (a) the cost of the long-term specified asset is not less than the capital gain arising from the transfer of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tamp Valuation Authority was Rs. 3,61,84,512/- whereas the value fixed by DVO was Rs. 1,95,33,000/-. Assessing Officer, in our opinion, therefore, had proceeded in accordance with law, in considering the fair market value at Rs. 1,95,33,000/- . Nevertheless,, for working out the exemption under section 54EC available to the assessee, Assessing Officer was required to apply the proportion mentioned in sub clause (b) of Sec.54EC(1) of the Act, which has not been done. Therefore, we set aside the order of the authorities below and remit the issue of computation of long term capital gains tack to the file of the Assessing Officer, for computing such capital gains in accordance with Sec.54EC (1) (b) of the Act. Ordered accordingly.' 6. Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es judicial function. It dispenses justice. The principle on which justice is dispensed is founded on fair play and doing justice in the case. Therefore, while the Tribunal lays down a particular proposition of law, it cannot close its eyes and withdraw its selves without applying the principle or the ration laid down in the facts of the case. The Tribunal whenever sitting in appeal has to examine the case before it. It cannot avoid its responsibility when deciding the appeal in a manner, which will render the entire order passed by the Tribunal contradictory. It cannot leave the matter in a fluid state deciding the principle in favour one of the parties and passing an order in favour of the other against whom the principle has been laid do ..... X X X X Extracts X X X X X X X X Extracts X X X X
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