9911796707
TMI Blog2013 (12) TMI 1704X X X X Extracts X X X X X X X X Extracts X X X X ..... sing out of order of CIT(A)-XIX, Kolkata in Appeal No. 342/CIT(A)-XIX/ITO,Wd-31(1),Kol/08-09 dated 13.10.2009. Assessment was framed by ITO, Ward-31(1), Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the Act ) for Assessment Year 2006-07 vide his order dated 31.12.2008. 2. At the out set, Ld. counsel for the assessee stated that this is a recalled matter and Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee sold one third share of house property and declared Long Term Capital Gains (LTCG) at ₹ 6,41,529/- out of which he claimed exemption u/s. 54EC for the investment made in NABARD Capital Gains Bond at ₹ 6.50 lac. According to AO, as per the Stamp Valuation Authority the market value of two third share of house property was at ₹ 2,31,79,255/- and, therefore, he computed LTCG by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee s share comes to one third i.e. ₹ 16,44,666/-. It means that the AO should have computed the LTCG after taking the fair market value of this property as on 01.04.1981 as the assessee is holding this property w.e.f. 01.10.1976 (as mentioned in the valuation report). In view of the above, we are of the view that let the AO take the fair market value as on 01.04.1981 as the assessee has s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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