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TMI Blog2016 (2) TMI 1089X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Therefore, the capital gains in the hands of the partners including the assessee, can be computed on the sale consideration determined by the Stamp Valuation Authority subject to decision of Hon’ble Allahabad High Court. In principle, the applicability of provision of section 50C of the Act, in the facts and circumstances of the case, has not been disputed and such findings of the authorities below to that extent are confirmed. We set aside the orders of the authorities below and restore the issue to the file of AO with direction to re-compute the capital gain in the hands of the assessee as per sale valuation determined by the Stamp Valuation Authority as per directions of the Hon’ble Allahabad High Court. The AO shall recompute the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1/4th share and hence, she declared capital gain on sale of property by taking sale consideration at ₹ 17,00,000/-, being of ₹ 68 lacs. As per the findings of the AO, the sale consideration as per provision of section 50C should have been taken at ₹ 17,86,500/- being of ₹ 71,46,000/-. The AO after recording the reasons for reopening of assessment and issuing such notice, framed exparte assessment order determining the long term capital gain at ₹ 2,43,157/- and computed the total income at ₹ 3,72,630/-. 4. The assessee challenged the reopening of assessment as well as addition on merits before the ld. CIT(A). The impugned order revealed that it has been informed by the AO that income of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the total income at ₹ 1,97,24,928 and by giving benefit of income computed by the AO enhanced the assessment by ₹ 1,92,52,303/-. 6. The ld. Counsel for the assessee did not press the issue of reopening of assessment. The same is, therefore, dismissed being not pressed. 7. The ld. Counsel for the assessee filed letter dated 03.02.2016 on record, explaining therein that the facts have already been explained in number of synopsis and in this case, the assessment is enhanced by the ld. CIT(A) as per order passed by ADM. The matter is subjudice before the Allahabad High Court. He has requested that the matter be restored to the file of AO with direction to keep the matter in abeyance till the final outcome of the petition p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT(A) in the case of firm M/s. Setwell Associates passed order dated 21.03.2013 and held that no income can be taxed in the hands of dissolved firm and also directed to make assessment of capital gains in the hands of all the four partners and also directed that sale consideration should be determined by the Stamp Valuation Authority in the sale deed subject to the order of Hon ble Allahabad High Court and after computing the share of sale consideration of each partner, capital gain in the hands of partners should be added to their respective income. The ld. Counsel for the assessee submitted that the ld. CIT(A) in the same order in the case of M/s. Setwell Associates in para 18 of the appellate order held that For the purpose of com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irected that ultimately, the value would be finally determined by the Hon ble Allahabad High Court. Therefore, the capital gains in the hands of the partners including the assessee, can be computed on the sale consideration determined by the Stamp Valuation Authority subject to decision of Hon ble Allahabad High Court. In principle, the applicability of provision of section 50C of the Act, in the facts and circumstances of the case, has not been disputed and such findings of the authorities below to that extent are confirmed. 12. In view of the above, we set aside the orders of the authorities below and restore the issue to the file of AO with direction to re-compute the capital gain in the hands of the assessee as per sale valuation det ..... X X X X Extracts X X X X X X X X Extracts X X X X
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