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TMI Blog2022 (8) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... o the file of the AO for de novo adjudication. The Assessing Officer is directed to compute the capital gains after considering the value, as determined by the Department Valuation Officer. As a result, grounds no.1, 2 and 3, raised in assessee‟s appeal are allowed for statistical purpose. Disallowance of cost of improvement as claimed by the assessee - HELD THAT:- In the present case, we find that the claim of the assessee was denied by the lower authorities in the absence of proof with regard to cost of improvement claimed by the assessee. Even during the hearing before us, apart from showing certain photographs, the assessee has not produced any supporting bills, vouchers, source of funds, etc., in respect of its claim on acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in law, the Learned CIT (A), has after calling for valuation Report from the department valuer, the said report was received dtd. 26/06/2014 passed by Asst. Valuation Officer, Valuation cell, Thane, bringing the value down to Rs.7.10,000/- from Rs.12,84,000/- The said report was already in the file of CIT(A) which was submitted first time vide letter dtd.31/10/2014 again vide letter dtd.27/09/2019 filed on 30/09/2019. However, the CIT (A) did not take any cognizance of the said document before dismissing the appeal. 4) That on the facts and law, the Learned CIT (A) has erred in confirming the addition of Rs.81,775/- being the cost of improvement to the godown sold during the year under consideration. The details submission were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s shown a sum of Rs.3,10,975. In this connection, it was explained by the assessee that asset i.e., Bhivandi Gala, purchased in the year 1996 was sold during the year as per sale agreement dated 03/12/2005. In the Capital Account working filed along with the return of income, it has been claimed that the said property was acquired at a cost of Rs.64,990, on which the assessee incurred cost of improvement of Rs.81,775. The assessee arrived at an indexed cost of Rs.2,39,155, which was reduced from the sale price of Rs.6,00,000, and accordingly the balance amount was offered for taxation. From the copy of agreement filed by the assessee in support of the said sale of asset, the Assessing Officer noticed that the market value has been estimated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer, was sought by the learned CIT(A) during the pendency of its appeal. Since the impugned addition under the head Long Term Capital Gain , which was upheld by the learned CIT(A), has been made on the basis of value determined by the Registration Authority without taking into consideration the report of the Department Valuation Officer, we deem it fit and proper to restore this issue to the file of the Assessing Officer for de novo adjudication. The Assessing Officer is directed to compute the capital gains after considering the value, as determined by the Department Valuation Officer. As a result, grounds no.1, 2 and 3, raised in assessee‟s appeal are allowed for statistical purpose. 9. The issue arising in ground no.4, rai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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