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TMI Blog2015 (10) TMI 1435X X X X Extracts X X X X X X X X Extracts X X X X ..... TA No. 427/PNJ/2014 is an appeal filed by the Revenue against the order of CIT(A), Panaji in ITA No. 97/MRG/14-15 dt. 22.9.2014 for the A.Y 2011-12 and CO No. 10/PNJ/2015 is the Cross objection filed by the Assessee in Revenue's appeal being ITA No. 427/PNJ/2014. Shri D.E. Robinson, Advocate represented on behalf of the Assessee and Shri Mehboob Ali Khan, ld. DR represented on behalf of the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the submission that the ld. CIT(A) had allowed the Assessee's claim of deduction u/s 54EC as the investments were in two different financial years. The ld. DR vehemently supported the order of the AO. 3. In reply, the ld. AR submitted that the issue was squarely covered by the decision of the Hon'ble Madras High Court in the case of Coromandel Industries Ltd., 370 ITR 586 wherein it has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the property at Verna and Rs. 80/sq. mtr. in respect of the property at Murida on the basis of the valuation by the Sub-Registrar and the copy of the documents on the basis of which such valuation was made was not provided to the Assessee. The ld. AR was informed that the Assessee's valuation report nor the Department's valuation report was before the Tribunal and consequently, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the Assessee is before us, we are unable to ascertain all the facts in the present case. In these circumstances, in the interest of justice we are of the view that the issue of Fair Market Value of the said two properties as on 1.4.1981 is liable to be restored to the file of the AO who shall obtain a proper valuation from the District Valuation Officer (DVO) in respect of the Fair Market Val ..... X X X X Extracts X X X X X X X X Extracts X X X X
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