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TMI Blog2021 (4) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... eem it appropriate to set aside the appeal to the file of Assessing Officer and direct him to reconsider the issue of disallowance of discount allowed to customers in light of claim of the assessee that it has furnished various evidences to justify its claim. Similarly, the issue of recomputation of long term capital gains has also been set aside to the file of Assessing Officer, with a direction to the Assessing Officer to determine correct market value of the property by referring valuation to the DVO, in accordance with the provisions of section 50C(2) of the Act. Needless to say, the assessee shall furnish necessary evidences before the Assessing Officer to justify its case. Appeal filed by the assessee is treated as allowed for statist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income tax (Appeals) failed to appreciate that there was no change in circumstances warranting different treatment to the expenditure claimed. 4. The Commissioner of Income tax (Appeals) grossly erred in not directing the Assessing officer to refer the valuation of the property to the DVO before adopting the guideline value u/s. 50C especially when the appellant had contended before the Assessing Officer that the guideline value did not reflect the realisable value. 5. For these grounds and such ether wounds as may be adduced either before or during the course of appeal proceedings, the tribunal may be pleased to direct the officers below to allow the claim of expenditure in the nature of discount on assaying anti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed deduction claimed under the head discount allowed to customers amounting to ₹ 25,61,387/-. Similarly, the Assessing Officer noted that the assessee has computed long term capital gain from sale of property, therefore, called upon the assessee to file necessary evidences including copy of sale deed. The Assessing Officer further noted that although, sale consideration was mentioned at ₹ 1.25 crores in the registered sale deed, but market value of property was assessed at ₹ 1.67 crores for the purpose of payment of stamp duty, therefore, by applying the provisions of 50C, recomputed long term capital gain by taking sale consideration at ₹ 1.67 crores. 4. The assessee carried the matter in appeal before learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he property. In spite of request from the assessee, the Assessing Officer had not referred for valuation to DVO and simply adopted market value, ignoring specific provisions provided under sub-section (2) of section 50C of the Act. Therefore, the issue may be set aside to the file of Assessing Officer to determine correct market value of the property by referring valuation to the DVO. 6. The learned DR, on the other hand, fairly agreed that appeal maybe set aside to the file of Assessing Officer to give one more opportunity to the assessee to explain its case with reference to disallowance of discount allowed to customers and determination of market value of the property for computation of capital gain. 7. We have heard both the parti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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