9911796707
TMI Blog2019 (12) TMI 1077X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the issue to the file of the AO with a direction to refer the valuation of the property to the valuation cell and recompute the capital gain after giving the assessee a fair opportunity of hearing including claim of deduction u/s 54 made by the assessee on a property the assessee. - ITA No.1959/Hyd/2018 (Assessment Year: 2011-12) - - - Dated:- 1-11-2019 - Smt. P. Madhavi Devi, Judicial Member Assessee by: Sri Y.V. Bhanu Narayan Rao Revenue by: Sri Nilanjan Dey, CIT-DR ORDER This is assessee s appeal for the A.Y 2011-12 against the order of the CIT (A)-1, Hyderabad, dated 26.7.2018. 2. At the outset, it is noticed that there is a delay of 1 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e CIT (A), however, confirmed the order of the AO and rejected the claim of deduction u/s 54 on the ground that the said claim was not made in the return of income and therefore, is not allowable. 3. The learned Counsel for the assessee submitted that the property is surrounded by various deficiencies due to which the assessee has received less consideration than the SRO value and since the assessee had raised this objection before the CIT (A), he ought to have referred the matter to the file of the Valuation Officer, rather than confirming the order of the AO. Further, he also submitted that the assessee s claim of deduction u/s 54 should have been considered by the CIT (A). 4. The learned DR, however, suppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer in invoking section 50C of the IT Act 1961 for determining the sale consideration and by not considering the value as per Section 50C for determining the indexed cost of Acquisition. 5. On the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals) -1, Hyderabad erred by not considering the claim of the assessee/appellant for deduction u/s 54 of the Income Tax Act, 1961. 6. LEAVE The Appellant craves leave to alter, amend or delete any of the above grounds of appeal and/or to add any fresh ground(s) of appeal at or before the hearing of the appeal Additional Ground 1. On the facts and in the cir ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
