9911796707
TMI Blog2019 (8) TMI 1272X X X X Extracts X X X X X X X X Extracts X X X X ..... for short) has been preferred by the revenue challenging the order passed by the Income Tax appellate Tribunal in ITA No.710/Ahd/2014 dated 12/7/2017 for A.Y. 2009-2010, with the following proposed questions of law :- "[a] Whether on the facts and in circumstances of the case, the learned ITAT has erred in law and on facts in not deciding the following grounds raised by the appellant department on merits : (i). On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in directing the Assessing Officer to adopt the consideration shown by the assessee by holding that assessee has sold the property at prevailing market rate by comparing the same with the jantri rates from valuation officer, without appreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law and on facts in not deciding the following grounds raised by the appellant department on merits : (ii). On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in directing the Assessing Officer to adopt the consideration shown by the assessee by holding that assessee has sold the property at prevailing market rate by comparing the same with the jantri rates from valuation officer, without appreciating the fact about evidence on sale consideration. (ii). On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in directing the Assessing Officer to give deduction of 1/3rd of Rs. 25 lakhs in computation of long term capital gain on account of brokerage paid in relation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he A.O. was challenged by the assessee by way of appeal being Appeal bearing No.CAB/IV-A-367/2011-12 before the CIT(A), Baroda and in appeal the appellate authority vide order dated 27/12/2013 held that the seller had taken possession of the property and the documents of contract to transfer the property for the consideration of immovable property was in writing and signed by the assessee and therefore, all the conditions of provisions of section 53A of the Transfer of Property Act read with section 2(47) of the Act stand fulfilled and the assessee has also received consideration and therefore, it is taxable as capital gain. However, it was held that the A.O. had invoked the provisions of section 50(c) of the Act, which was not permissible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the fair market value as on 1/4/1981 as the cost of acquisition. The assessee is directed to furnish necessary details in support of its claim Ground No.3 is treated as allowed for statistical purpose. 8. For the sake of completeness of adjudication, we find that the assessee has invested in capital gain exemption bonds and has claimed deduction u/s.54EC of the Act. The A.O. is directed to consider the claim of exemption as per the provisions of the law in light of the relevant CBDT Circular and after giving reasonable opportunity of being heard to the assessee. 9. In the result, all the appeals are treated as allowed for statistical purpose." 4.00. Mr.Varun Patel, learned counsel for the appellant - revenue in both the appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the appeals and both the appeals deserve to be dismissed. She contended that though the tribunal principally agreed with the case of the assessee and held in favour of the assessee, however, erred in remanding the matter. She contended that the tribunal has erred in not considering the additional evidence about Valuation Report of the registered Valuer as on 1/4/1981 and the fair market price as on 1/4/1981 is to be adopted at the cost of acquisition of property only at the option of the assessee. 6.00. Having heard the learned counsel for the respective parties and considering the material on record, we are of the considered opinion that no error has been committed by the tribunal in allowing the appeals and remanding the matters to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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