2021 (1) TMI 465

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..... e AO for denovo re-consideration. Needless to mention that the Assessee shall be given a fair opportunity of hearing. Assessee's appeal is treated as allowed for statistical purposes. - ITA Nos. 1491 and 1492/Hyd/2019 - - - Dated:- 31-12-2020 - P. Madhavi Devi, Member (J) For the Appellant : S. Rama Rao For the Respondents : Sunil Kumar Pandey, DR ORDER P. Madhavi Devi, .....

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..... wever, none appeared for the assessee and neither was any explanation given and therefore, the AO has invoked the provisions of section 50C and considered the sale consideration as ₹ 86,83,000/- and treated 1/8th share as the assessee's share in the property at ₹ 10,85,375/- and brought it to tax. Aggrieved, the assessee preferred an appeal before the CIT (A) challenging the applic .....

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..... did not allow the cost of acquisition. Against this order of the CIT (A), the assessee is in appeal before the Tribunal by raising the following grounds of appeal: 1. The order of the learned CIT (A) is erroneous to the extent it is prejudicial to the appellant. 2. The learned CIT (A) erred in confirming the determination of capital gain without allowing cost of acquisition of the proper .....

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